Hi friends,

I shared a draft of this with a colleague for feedback. She very kindly replied, “eh Stev, why are you writing about this?”.

My first answer was because I thought it would be fun (it was).

My second answer was that I thought we could learn a lot by forcing ourselves to think through hypothetical decisions like this. We can certainly learn more about these two businesses, their strategy, valuation and how they operate, but also about the mental health market more broadly.

So that’s why I’m writing about this hypoethical deal.

I hope reading it is as fun and informative as it was to write.

Let’s get into it.