Report: Veritas, Elliott join in $5.5B Athenahealth buy

Healthcare software developer Athenahealth is set to be acquired by private equity firm Veritas Capital and hedge fund Elliott Management in a deal worth approximately $5.5 billion in cash, according to a new report from Reuters. The acquisition would price the medical software developer at approximately $135 per share and will be officially announced on Monday, according to the report. Athenahealth has been under pressure to sell itself from Elliott, which owns an approximate 9% stake in the company, according to Reuters, which cites people familiar with the matter. Elliott had previously made an unsolicited bid to pick up the company for approximately $160 per share in May, which led to Athenahealth exploring such an acquisition with other firms. The deal would be the largest such to date for Elliott’s PE arm, called Evergreen and based in Menlo Park, Calif, according to the report. The company and the buyers in the deal have not yet officially commented on the rumored acquisition. Athenahealth, which launched a major restructuring effort this year, has seen a number of changes to its executive roster, adding former CEO Jeff Immelt as its board chairman and seeing former CEO Jonathan Bush depart following allegations that he assaulted a former wife, according to Reuters. The post Report: Veritas, Elliott join in $5.5B Athenahealth buy appeared first on MassDevice.
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Featured Mergers & Acquisitions Software / IT Athenahealth Inc. Source Type: news