Athenahealth sold to Veritas Capital for $5.7 billion

Athenahealth Executive Chairman Jeff Immelt

A logo for athenahealth is displayed on a computer Monday, Nov. 12, 2018, in NY.

The purchase price represents a premium of approximately 12% over the company's closing stock price on November 9, the last trading day prior to today's announcement, and a premium of approximately 27% over the company's closing stock price on May 17, 2017.

Private-equity firm Veritas Capital and hedge fund Elliott Management are acquiring United States healthcare software maker Athenahealth in a deal worth about US$5.7 billion.

Sard Verbinnen & Co.is handling Veritas Capital's $5.7B deal ($135 per-share) for Athenahealth, which provides technology services for hospital and ambulatory companies.

But the latest deal is smaller than a $6.5 billion bid that prominent investor Elliott Management Corp. made in May.

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Two big investment firms, Veritas Capital and Elliott Management, reportedly will acquire Athenahealth for about $5.5 billion in cash.

Elliott, which controls a nine percent stake in Athena, offered to offered to buy the company for $160 per-share in May. On Friday, it reported third-quarter earnings that topped analyst expectations, but its revenue fell short of the average forecast on Wall Street.

"We believe that following the long and tumultuous sales process it is unlikely another bidder will emerge", he wrote.

Once the deal is complete, Athenahealth will merge with Virence Health, the former GE Healthcare unit that Veritas acquired earlier this year, the report said, citing a company statement. After the close of that transaction, the combined company will operate under the athenahealth brand and be headquartered in Watertown.

"Combining with Virence will create new opportunities for collaboration and growth". Shareholders still have to vote on it.

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