is selling more than half of its Emdeon Business Services segment to private equity firm
and said it should receive proceeds of $1.2 billion from the transaction.
The health care information company plans to retain a 48% interest in the segment, valued at $300 million. With the funds, Emdeon will buy back up to 100 million shares through a tender offer at $12.25 a share. The offer would cover 36% of the company's common shares.
Emdeon expects to recognize a taxable gain on the transaction and will likely use around $400 million to $450 million of its net operating loss carry-forward to offset a significant portion of the liability.
Separately, Emdeon said Chief Financial Officer Andrew Corbin will be leaving the company in November to join Sage Software as CEO of its health care division.