20 November 20232 minute read

DLA Piper advises UpHealth in sale of Cloudbreak Health business for US$180 Million

DLA Piper advised UpHealth, Inc. (UpHealth), a global digital health company, in the sale of its subsidiary Cloudbreak Health, LLC (Cloudbreak) to Chicago-based private equity firm GTCR, for US$180 million.

The all-cash sale is expected to close during the first half of 2024. 

“It has been a pleasure working with UpHealth on its sale of Cloudbreak, which will better position the company to focus on its growing, cash flow positive, behavioral health business – TTC Healthcare,” said Jeffrey Selman, chair of DLA Piper’s SPAC Transactional practice who led the firm’s deal team. “We look forward to continue supporting UpHealth’s growth.”

In addition to Selman (San Francisco), the DLA Piper team that advised UpHealth included partners John Maselli (San Francisco), Vicky Lee (Palo Alto), Sarah Tauman (San Francisco) and Michele Lara (San Diego) and associates Clara Knapp, Sougol Shooshtarian and Daniel Cooper (all in San Francisco), Tiffany Sakamoto (Palo Alto), Joshua Feldman (Baltimore) and Nnola Amuzie (Los Angeles).

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 13 consecutive years, according to Mergermarket, and ranked as a top five most active VC legal advisor in the US and number one in VC, PE and M&A in combined global deal volume according to PitchBook