One Equity Partners, JP Morgan Chase's private investment arm, said it closed its acquisition of M-Modal, a publicly traded clinical transcription and speech recognition services company based in Franklin, Tenn.
The tender offer expired Aug. 14, a month after M-Modal announced that it would be acquired for $1.1 billion and taken private by One Equity Partners, the company said in a news release.
M-Modal will operate as a wholly owned subsidiary of Legend Parent, an affiliate of One Equity Partners, according to the news release, and will continue to be based in Franklin, Tenn. The Federal Trade Commission approved the deal in July.
Vern Davenport, M-Modal's chairman and CEO, said in the news release that the company is “uniquely positioned as a critical player in impacting the quality of healthcare and controlling its costs.”
M-Modal had announced plans in mid-2011 to be acquired by MedQuist Holdings. The combined company operated as M-Modal.
According to its website, M-Modal works with more than 2,400 provider organizations.
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