caremax inc shares were up 15 to 537 wednesday after the company said it is buying the medicare valuebased care business of steward health care system for a combination of cash and stock upon closing the transaction caremax said it will serve as the exclusive valuebased management services organization across stewards medicare network stewards valuebased care network of 170000 patients includes 50000 medicare advantage patients 112000 medicare shared savings program patients and 9000 direct contracting patients steward and its affiliated practices service about 387000 medicare advantage fee for service patients and 482000 traditional medicare fee for service beneficiaries following the transaction caremax said its network will expand to 2000 providers and reach over 200000 senior valuebased care patients across 30 markets the transaction is expected to close late in the third quarter or early in the fourth quarter of 2022 the company said upon the closing of the transaction steward will have the right to designate one member of caremaxs board of directors caremax said the company said deerfield partners lp a holder of 20 of caremaxs outstanding class a common stock has entered into an agreement to vote in favor of the transaction