GigCapital2 has signed two separate definitive business combination agreements with each of UpHealth Holdings and Cloudbreak Health, respectively, to form a public digital health company which will value it at a combined pro forma enterprise amount of about $1.35bn.

The combined entity will be named UpHealth, upon the closing of the deal. It will serve an entire spectrum of healthcare needs and will be established in fast growing sectors of the industry.

With its combinations, the company will provide a single, integrated platform of technologies and tech-enabled services that are essential to personalised, affordable, and effective care.

The multifaceted and integrated platform of UpHealth provides a frictionless digital front door to health systems, payors, and patients.

UpHealth will be organised across four capabilities: Integrated Care Management, Global Telehealth, Digital Pharmacy, and Tech-enabled Behavioral Health, upon closing the pending mergers and the combination with Cloudbreak.

Following the consummation of the deals, the entity will have agreements with various companies to deliver digital healthcare in more than ten countries across the globe.

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Following the merger, UpHealth expects to generate over $190m in revenue and $24m in EBITDA next year.

UpHealth co-founder and executive chairman Chirinjeev Kathuria said: “UpHealth is a global, digital health services and technology pioneer. It combines primary care with integrated care management and overlays pharmacy and behavioral telehealth services to provide a ‘one-stop shop’ platform to improve health outcomes, quality, costs, and patient experience.

“The business combination strengthens UpHealth to further penetrate the broad and fast-growing digital health and telehealth market.”

The proposed business combinations are subject to, among other things, the approval by GigCapital2 stockholders, regulatory approvals, and the satisfaction or waiver of other customary closing conditions and are expected to be completed in the first quarter of next year.