Veritas Capital’s $1.05 Billion Acquisition of GE Healthcare Unit

Morgan Stanley and Keval Health are acting as financial advisors to GE in the transaction. Goldman, Sachs & Co. and William Blair & Company are acting as financial advisors and Schulte Roth & Zabel LLP is serving as legal counsel to Veritas Capital in the transaction.

An affiliate of Veritas has entered into a definitive agreement with GE to acquire the Enterprise Financial Management (Revenue-Cycle, Centricity Business), Ambulatory Care Management (Centricity Practice Solution) and Workforce Management (formerly API Healthcare) assets comprising GE Healthcare’s Value-Based Care Division for $1.05 billion in cash.

The healthcare technology space has been a key focus area for Veritas Capital, as illustrated by its recent investments in Truven Health Analytics and Verscend Technologies. The firm has a robust track record of strategically transforming businesses in the space by working closely with management teams to enhance customer benefits through accelerated growth, improved efficiencies, and the development of innovative products and services. Veritas will work alongside the GE management team to ensure a seamless transition of the business into a standalone company.

The transaction is expected to close during the third quarter of 2018, subject to customary closing conditions and regulatory approvals.

Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the aerospace & defense, healthcare, technology, national security, communications, energy, government services and education industries. The Firm led by Ramzi Musallam, is based in New York.

The Schulte Roth & Zabel team advising Veritas is led by M&A and securities partner Richard Presutti (Picture) and M&A and securities associates Matthew Gruenberg and Evelyn Liristis. The team also includes tax partner Kurt Rosell and associate Philip Cooke; employment & employee benefits partner Ian Levin and special counsel Stephen Brecher; finance partner Ronald Risdon; environmental partner Howard Epstein; and intellectual property, sourcing & technology partner Robert Kiesel and special counsel John Garces.

 

Involved fees earner: Richard Presutti – Schulte Roth & Zabel; Matthew Gruenberg – Schulte Roth & Zabel; Evelyn Liristis – Schulte Roth & Zabel; Kurt Rosell – Schulte Roth & Zabel; Philip Cooke – Schulte Roth & Zabel; Ian Levin – Schulte Roth & Zabel; Stephen Brecher – Schulte Roth & Zabel; Ronald Risdon – Schulte Roth & Zabel; Howard Epstein – Schulte Roth & Zabel; Robert Kiesel – Schulte Roth & Zabel; John Garces – Schulte Roth & Zabel;

Law Firms: Schulte Roth & Zabel;

Clients: Veritas Capital ;

 

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Author: Ambrogio Visconti