What does Amazon get for the $3.9B it is paying for One Medical?

The big news of the morning is that Amazon is buying One Medical, a previously venture-backed consumer healthcare company with a technology twist, in an all-cash deal worth $3.9 billion inclusive of debt. The announcement follows recent reporting that One Medical was in play.

Seeing One Medical taken off the table, then, is not a surprise, but Amazon being the acquiring entity is a bit more of a shock. What is the company getting for its billions, how does the buy fit into its overall business, and what does the deal mean for startups?

The Exchange explores startups, markets and money.

Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.

Recall that Amazon has been making moves in the healthcare space for some time. Back in 2018, the AWS parent company bought PillPack, a consumer-focused online pharmacy, and it previously worked with Berkshire Hathaway and JPMorgan to revamp American healthcare, though that effort fizzled.