Two big investors are buying Athenahealth for $5.7 billion

Laverne Higgins
November 14, 2018

Elliott, which controls a nine percent stake in Athena, offered to offered to buy the company for $160 per-share in May.

Private equity firm Veritas Capital and hedge fund Elliott Management agreed to acquire US healthcare software maker Athenahealth Inc for $5.7 billion in cash.

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.

Two big investment firms, Veritas Capital and Elliott Management, will acquire Athenahealth for about $5.7 billion in cash. Evergreen Coast Capital is an Elliott affiliate that invests in technology.

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In June Athenahealth's founder and CEO Jonathan Bush, a nephew of former U.S. President George H.W. Bush, stepped down following a newspaper report alleging he had assaulted his former wife 14 years earlier.

Athenahealth had been under pressure from Elliott to sell itself since the hedge fund acquired a stake in the company previous year. Elliott Management supports the Veritas-Evergreen acquisition.

Athenahealth, based in Watertown, Massachusetts, makes medical record, revenue cycle and care coordination products and delivers most of it through the cloud. The combined organization will operate under the athenahealth brand and be based in Watertown, Massachusetts. Virence Chairman and CEO Bob Segert will lead the newly combined company. The companies said they expect the deal to be completed in the first quarter of next year. Athenahealth's stock was up almost 10% between market close on Friday and the middle of the trading day Monday.

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