NeueHealth (NEUE) said late Monday it agreed to be acquired and taken private by an affiliate of New Enterprise Associates for an enterprise value of about $1.3 billion.

Under the terms, shareholders of the healthcare company will receive $7.33 per share in cash, representing a premium of roughly 70% over the firm's closing stock price on Monday.

NeueHealth, which was previously known as Bright Health, changed its name in January.

The deal is subject to approval from regulators as well as from NeueHealth's shareholders. Certain NeueHealth stockholders agreed to vote all of their shares in favor of the transaction. Following completion, the company's stock will no longer be publicly traded.

NeueHealth's leadership team will continue in their roles once the deal is completed. The leadership team also intends to roll over 100% of their equity interests for newly issued equity interests in the privately held company.

The transaction also includes a 30-day "go-shop" period expiring Jan. 23, allowing the company to solicit and evaluate alternative acquisition proposals.