Harry You SPAC Agrees to Merge With Clinic-in-a-Box Firm OnMed

Blank-check deal veteran Harry You’s latest special purpose acquisition company has agreed to merge with a business that operates portable health-care stations.

Berto Acquisition Corp. has signed a nonbinding letter of intent to combine with OnMed LLC, according to a statement Wednesday confirming an earlier Bloomberg News report. Financial details were not disclosed.

The transaction could value OnMed at $500 million to $1 billion, people familiar with the matter said, asking not to be identified because that information is private. Representatives for Berto and OnMed declined to comment on the possible valuation.

With contracts in seven states ...