Athenahealth is about to sell in the $ 17bn deal


Healthcare Technology Company Athenahealth is about to be sold to the trading companies Bain Capital and Hellman & Friedman, according to people who are familiar with the situation, in a $ 17bn deal that could topple a buy-in canvas from one of the country’s most iconic campaigns. recent memory.

Veritas Capital’s private company and hedge fund Elliott Management took Athenahealth privately four years ago, a few months after former president Jonathan Bush resigned following a revelation of his life.

At the time Elliott was fighting a public campaign remove the Bush, a relative of the two former U.S. presidents, accuses the company of mismanaging the company. The activist hedge fund participated in the Veritas acquisition through its subsidiary Evergreen Coast Capital.

The potential partnership with Bain Capital and H&F was already in place reports and the Wall Street Journal. It could be completed in a few days, people familiar with the matter said, adding that the negotiations were at a liquid level and there was no guarantee that the work would continue.

This work may be more recent in several categories health care-Buying directly, is one of the few business ventures that have worked together to buy businesses worth $ 10bn or more – so big that even large corporations can’t do it on their own.

Earlier in June, H&F partnered with Blackstone and Carlyle partners to purchase a Medline for a family-based drug dealer for $ 34bn.

For Veritas and Elliott, the expected sale will be at the core of a continuous effort to raise more money from Athenahealth, among other things by raising debt to a company that has previously been in debt.

It will also confirm the corporate construction sector that began in 2018 when Veritas, run by billionaire Ramzi Musallam, acquired a GE Healthcare component that focuses on pay and other medical programs for around $ 1.1bn.

A few months later, Veritas and Evergreen Coast Capital announced their plan to buy Athenahealth for $ 5.7bn and combine it with the old GE business, renamed Virence Health.

Since then, Athenahealth has unveiled $ 180m in price reductions as it continues to raise funds, according to Moody’s – creating additional profits that helped raise further costs. debt what the big company did.

Representatives of H&F and Bain Capital declined to comment.

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