MedAssets said it has acquired rival group purchasing and consulting company the Broadlane Group. MedAssets, Alphretta, Ga., first announced the $850 million deal in September and said the companies' combined 2009 net revenue was $508.9 million.
MedAssets completes Broadlane acquisition
Terms of the deal included a $725 million payment at closing and another $125 million to be paid by January 2012. Patrick Ryan, chairman and CEO of Dallas-based Broadlane, was named a MedAsset director and president of spend management under the deal. Regulators cleared the acquisition in October.
Financing for the deal included a $635 million term loan; $325 million aggregate principal amount of 8% of senior notes; and a $150 million revolving credit facility, according to a MedAssets news release.
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