Pamplona Capital Management said Wednesday it has completed its acquisition of Alpharetta, Ga.-based MedAssets.
Pamplona announced in November that it would acquire MedAssets, absorbing its revenue-cycle management business and selling its group purchasing and consulting business to Irving, Texas-based Vizient, then known as the VHA-UHC Alliance. The deal went for $31.35 per share in cash, as agreed upon, at a value of approximately $2.75 billion
The deal with Vizient is expected to close in mid-February. Now that MedAssets is being taken private, trading of the company's stock will cease at the close of business Wednesday.
J. Joel Hackney was recently named CEO of MedAssets-Precyse, the revenue-cycle business created by the merger. Pamplona also announced the appointment of several other members of its leadership team.
R. Halsey Wise, chairman and CEO of MedAssets, will step down from his role in early February.
Combining MedAssets's revenue-cycle management business with Pamplona's revenue-cycle technology company, Precyse, will allow the company to offer a better scope of offerings, said Dr. Jeremy Gelber, the Pamplona Capital partner who heads the firm's healthcare investments in a recent interview with Modern Healthcare.
The company's businesses are quite different: MedAssets' services estimate patients' bills and oversee payment collection, while Precyse handles documenting medical treatment for insurers and actuarial services that are common among insurers but are increasingly needed by providers.