Included Health Firefly acquisition set to close in third quarter 2026

The Included Health Firefly acquisition gives Carlyle-backed Included Health an agreement to buy Firefly Health, a Watertown, Massachusetts company that combines a health plan with advanced primary care, according to PE Hub. Financial terms were not disclosed, and the transaction is expected to be completed in the third quarter of 2026.

Included Health is based in San Francisco and operates in healthcare, PE Hub reported. Carlyle backs the company. Firefly Health is led by CEO Fay Rotenberg.

When will the Included Health Firefly acquisition close?

PE Hub reported that the deal is expected to close in the third quarter of 2026. The report did not specify regulatory approvals, financing conditions or other closing requirements.

An acquisition agreement sets the intended transfer of ownership, while closing is the point at which the deal is completed after any required conditions are met. Because no purchase price was released, the transaction does not give public markets or rival operators a disclosed valuation benchmark for Firefly Health.

What are Included Health and Firefly buying into?

Firefly Health is described by PE Hub as both a health plan and advanced primary care company. In healthcare, a model built around primary care generally places routine clinical access, coordination and patient relationships closer to the center of the plan design; in this deal, the companies are positioning that approach as a cost and member-experience issue.

Owen Tripp, Included Health's co-founder and chief executive, said employers and members have repeatedly expressed frustration that the healthcare system is not organized around their needs. He said Included Health and Firefly share a view that investment in primary care and directing members to quality care can reduce unnecessary costs, rather than relying on narrower networks or shifting expenses to members.

Tripp also said Firefly's results in total cost of care and member experience align with Included Health's existing offerings. PE Hub did not provide those results or disclose operating metrics for either company.

What remains undisclosed?

The announcement leaves several material details private: the transaction value, whether consideration includes cash, stock or debt, and how Firefly Health will be integrated after the deal closes. PE Hub also did not report any changes to Firefly's leadership or to Included Health's backer following the agreement.

For employers, health plans and digital-health companies, the disclosed terms point to continued interest in pairing care delivery with plan design. The financial impact, however, cannot be assessed from the announcement alone because the purchase price and performance data were not released.

This story draws on original reporting from PE Hub.