athenahealth, Veritas Capital and Evergreen Coast Capital have announced that an affiliate of Veritas and Evergreen will acquire athenahealth for approximately $5.7 billion in cash.
Following completion of the acquisition, Veritas and Evergreen are expected to combine athenahealth with Virence Health, the GE Healthcare value-based care assets that Veritas acquired earlier this year. The combined company is expected to operate under the athenahealth brand and be headquartered in Watertown, Mass.
The transaction is expected to close in the first quarter of 2019.
athenahealth, based in Watertown, is a provider of cloud-based services for medical practices and health systems.
Veritas, based in New York, is private equity firm with over $9.5 billion of assets under management. The firm invests in several sector, including healthcare.
Evergreen, based in Melo Park, Calif., is the private equity subsidiary of hedge fund Elliott Management Corp. Elliott, based in New York, had approximately $35 billion in assets under management as of July 1, 2018.