What happened Shares of Castlight Health (NYSE: CSLT) were soaring 24.5% higher at 12:02 p.m. ET on Wednesday. The big gain came after the company announced that it plans to combine with Vera Whole Health in a deal that will take Castlight private. So what Vera Whole Health offered $370 million in cash to buy Castlight at $2.05 per share. This represents a 25% premium to the closing price of the healthcare stock as of Jan. 4, 2022, and it is 35% higher than the 30-day volume-weighted average share price. Image source: Getty Images. The transaction seems to make sense from a business perspective. Vera is a leading primary care provider in the U.S. Castlight offers a digital platform that helps people navigate the healthcare system. The combination of the two companies will integrate Castlight's technology with Vera's clinics. It also received a ringing endorsement from one of Castlight's most important customers, Anthem (NYSE: ANTM). The big health insurer even plans to make an investment in the combined entity. In addition to Anthem, JPMorgan Chase's (NYSE: JPM) Morgan Health unit and Central Ohio Primary Care, the largest independent physician-owned primary care group in the U.S., will be key strategic partners of the combined company. Now what This acquisition isn't a done deal just yet. Regulators must approve the combination. A majority of Castlight's outstanding shares must also be tendered for purchase by Vera. However, it seems likely to sail through without major obstacles. Vera and Castlight Health expect that the transaction will be completed in the first quarter of this year. 10 stocks we like better than Castlight HealthWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Castlight Health wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of December 16, 2021 JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source