Note 4. Business Acquisitions On May 31, 2018, the Company completed the acquisition of Advance Medical through a merger in which Advance Medical became a wholly-owned subsidiary of the Company. The aggregate merger consideration paid was $351.7 million, which was comprised of 1,344,387 shares of Teladoc Healths common stock valued at $68.6 million on May 31, 2018, and $283.1 million of net cash. Advance Medical is a leading global virtual healthcare provider offering a portfolio of virtual healthcare and expert medical service solutions. The acquisition was considered a stock acquisition for tax purposes and accordingly, the goodwill resulting from this acquisition is not tax deductible. The total acquisition related costs were $5.8 million and included transaction costs for investment bankers and other professional fees. The acquisition described above was accounted for using the acquisition method of accounting, which requires, among other things, the assets acquired, and the liabilities assumed be recognized at their fair values as of the acquisition date. The results of the acquisition were included within the consolidated financial statements commencing on the aforementioned acquisition date. The following table summarizes the fair value estimates of the assets acquired and liabilities assumed at the acquisition date. The Company, with the assistance of a third-party valuation expert, estimated the fair value of the acquired tangible and intangible assets. Identifiable assets acquired and liabilities assumed (in thousands): Advance Medical Purchase price, net of cash acquired $ 351,694 Less: Accounts receivable 8,553 Property and equipment, net 1,326 Other assets 3,675 Client relationships 100,760 Non-compete agreements 1,540 Internal-use software 770 Trademarks 16,190 Favorable leases 203 Accounts payable (361) Deferred taxes (22,714) Other liabilities (8,368) Goodwill $ 250,120 The amount allocated to goodwill reflects the benefits Teladoc Health expects to realize from the growth of the acquisition operations. Advance Medicals operating results has been included in the accompanying unaudited consolidated financial statements of the Company since its acquisition on May 31, 2018.