Veritas Capital, Elliott to buy Athenahealth for $5.7 billion

Associated Press

Elliott Partner Jesse Cohn said, "We are pleased to support this transformative transaction combining athenahealth and Virence, which we believe represents an outstanding, value-maximizing outcome for athenahealth shareholders".

Private-equity firm Veritas Capital and hedge fund Elliott Management have agreed to acquire USA health-care software maker Athenahealth (NASDAQ: ATHN) for about $5.7 billion in cash, the companies confirmed on Monday.

Athenahealth's CEO resigned in June, helping clear a path for the sale.

Former General Electric GE.N Chief Executive Officer Jeff Immelt now serves as its chairman.


A month after Elliott made its offer, co-founder and CEO Jonathan Bush said he was stepping down. Athenahealth will continue to be its own brand, but Veritas and Evergreen will merge it with Virence Health, the analytics and software firm formerly known as the Value-Based Care Solutions Group, which GE Healthcare acquired earlier in 2018. He stepped down after issuing an apology following a newspaper report alleging he had assaulted his former wife 14 years earlier. Since then, it has been in talks with various private equity firms about trying to buy the company, sources have said.

Athenahealth investor Elliott Management has been critical of the company and offered about $6.5 billion to take it private last spring.

Through the deal, which is expected to close in the first quarter of 2019, Veritas and Evergreen Coast Capital (Elliott's Menlo Park affiliate) will pay $135 per share. On Friday, it reported third-quarter earnings that topped analyst expectations, but its revenue fell short of the average forecast on Wall Street. Its net income over the three months that ended September 30, 2018 was $44.5 million, or $1.08 per diluted share.

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