HomeIndustriesBabylon Health Hires Wall Street Banks in Last-Ditch Effort to Save Company

Babylon Health Hires Wall Street Banks in Last-Ditch Effort to Save Company

Babylon Health has reached out to Bank of America and their long-term advisor Citigroup in an effort to save the company, with Deloitte also providing guidance. This comes after the healthcare provider announced that it would be shutting its U.S. business, laying off hundreds of employees last week as a result.

This comes after the company’s attempt to secure a merger deal with MindMaze, a Swiss mental health company, broke down. The deal was suggested by Albacore, a company to which Babylon owes more than $300m (£236m).

On Friday, the healthcare provided revealed that it spent $84 million during the second quarter, down from $113 million a year earlier. Still, the company warned that it may not be able to secure enough cash in order to keep the business running.

With its U.S. business drawing to a close, Babylon Health is fighting to keep its UK unit alive by finding a buyer. The company’s GP at Hand app is used by the NHS in Fulham, serving around 300,000 patients.

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