Emdeon, a publicly traded healthcare billing and finance company, announced that private-equity firm Blackstone Group will become its majority owner in a deal valued at roughly $3 billion.
Blackstone to take Emdeon private for $3 billion
The deal, which is expected to close by the end of the year, will take Nashville-based Emdeon private, according to an Emdeon news release. The Blackstone Group is the largest investor in Vanguard Health Systems, a Nashville-based health system whose initial public offering in June did not meet expectations.
Blackstone's bid for Emdeon includes $19 per share in cash and must win approval from Emdeon stockholders and antitrust regulators, according to the release. Under the deal, Emdeon entered into a definitive merger agreement with Blackstone Capital Partners VI. Emdeon's board of directors approved the deal and Hellman & Freedman, a private-equity firm with a stake in Emdeon, will continue as a minority owner.
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