Healthcare technology company Athenahealth With a $ 17 billion deal on the verge of being sold to private equity firms Bain Capital and Hellman & Friedman, recent memories, according to people familiar with the situation.
Private equity firm Veritas Capital and hedge fund Elliott Management Made Athena health private Four years ago, a few months after former CEO Jonathan Bush resigned in the aftermath of his personal life exposure.
When Elliott was fighting a public campaign Remove the bush, He has a relationship with two former US presidents, claiming he had mismanaged the company. The activist hedge fund participated in the acquisition of Veritas through the private equity division of Evergreen Coast Capital.
The potential deal between Bain Capital and H & F was previous report According to The Wall Street Journal. People familiar with the situation added that the negotiations are in a state of fluidity and there is no guarantee that the deal will proceed, adding that it could be completed within a few days.
Transactions will be the latest of many large ones Health care-Focused buyouts, and one of the few private equity companies that worked together to buy a company worth over $ 10 billion-even most large groups are too big to work on their own ..
Just recently in June, H & F worked with rivals Blackstone and Carlyle to buy family-owned healthcare product supplier Medline for $ 34 billion in leveraged buyouts.
For Veritas and Elliott, future sales will be the culmination of sustained efforts to derive additional monetary value from Athena Heels by incurring debt to a company that was once conservatively funded. ..
It also demonstrates part of the complex corporate empire construction that began in 2018, when Veritas, operated by Billionaire’s Ramzi Musallam, acquired a GE Healthcare unit focused on billing and other medical software for about $ 1.1 billion. ..
Within a few months, Veritas and Evergreen Coast Capital announced plans to purchase Athenahealth for $ 5.7 billion and integrate it with its previous GE business, which was renamed Virence Health.
Since then, according to Moody’s, Athena Heels has discovered $ 180 million in cost savings while continuing to increase revenue. debt What the expanded company undertook.
Representatives of H & F and Bain Capital declined to comment.
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Athena health likely to sell in $ 17 billion in transactions
Source link Athena health likely to sell in $ 17 billion in transactions
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