Congratulations to Passport and the University of Louisville on the Evolent Health Transaction
On May 29th, Passport announced the signing of a deal to sell substantially all of its assets to a newly-formed subsidiary of Evolent Health, Justify Holdings, Inc., for $70 million and a 30% equity interest in Justify. Upon closing, Passport will distribute the cash and stock to its sponsoring organizations, all of which are Kentucky nonprofit charities, including two entities that are affiliated with the University of Louisville. The University of Louisville and its physicians were instrumental in Passport’s founding in 1997. Passport has since grown to administer Kentucky Medicaid benefits for approximately 315,000 beneficiaries. To read more about the transaction click here.