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Four Firms Lead as Bain Capital, H&F Buy Athenahealth

Nov. 24, 2021, 11:55 AM

Kirkland & Ellis is advising Bain Capital and Hellman & Friedman LLC on their agreement to buy Athenahealth Inc., a health care information technology company, in a $17 billion deal.

Milbank is representing Athenahealth and seller Veritas Capital, according to a statement. Gibson, Dunn & Crutcher said it’s advising seller Evergreen Coast Capital. Veritas Capital and Evergreen are both retaining minority stakes in Athenahealth.

Dechert said it’s advising Singapore sovereign wealth fund GIC, which, according to the deal statement, is among a group of new investors in Athenahealth. That group also includes a wholly owned subsidiary of the Abu Dhabi Investment Authority.

Athenahealth says its cloud-based software for doctors and hospitals includes tools for electronic medical records and patient management, as well as tools for billing and collecting money, and for telemedicine.

“Athenahealth’s technology leadership has differentiated the company as a next generation cloud-based SaaS (software as a service) technology platform, facilitating innovation in a rapidly evolving and dynamic market,” said Sameer Narang, partner at Hellman & Friedman.

The deal is expected to be completed in 2022’s first quarter, the statement said.

To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com; John Hughes in Washington at jhughes@bloombergindustry.com

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