NASHVILLE, Tenn., Nov. 2, 2011 /PRNewswire/ -- Emdeon Inc. (NYSE: EM), a leading provider of healthcare revenue and payment cycle management and clinical information exchange solutions, today announced that a fund managed by Blackstone on behalf of its private equity investors has completed its acquisition of Emdeon in a transaction valued at approximately $3.0 billion. Hellman & Friedman will maintain a significant minority equity interest in Emdeon.
The transaction was approved by Emdeon stockholders at a special meeting held November 1, 2011. Under the terms of the merger agreement, Emdeon stockholders will receive $19.00 in cash for each outstanding share of Emdeon common stock held as of 4:00 P.M. (EDT) on November 1, 2011. As a result, Emdeon Class A common stock was delisted and ceased trading on the New York Stock Exchange.
"We are excited to open a new chapter in the evolution of Emdeon. We are enthusiastic about our future as we continue to evolve our solutions to make healthcare more efficient," said George Lazenby, chief executive officer for Emdeon. "We are also happy to be working with Blackstone and continuing our relationship with Hellman & Friedman, each of whom has a very strong understanding of our marketplace and a tremendous track record of success in partnering with companies and their management teams."
Blackstone Senior Managing Director Neil P. Simpkins said, "Emdeon has a long history as a leading innovator in the healthcare information technology industry and a successful track record of delivering high value solutions. We look forward to working with the Emdeon team and building on their success."Letters of transmittal allowing Emdeon stockholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed shortly after the closing. Stockholders who hold shares through a bank, broker or other nominee will receive instructions from their bank, broker or other nominee as to how to effect the surrender and receipt of cash for their stock.