Happy Tuesday!
Giant deal for ya just before Turkey Day: Bain Capital (including its tech-focused fund) and Hellman & Friedman agreed to buy electronic health record company Athenahealth in a deal valued at around $17 billion. The firms will buy the company from Veritas Capital and Evergreen Coast Capital, a subsidiary of Elliott Management.
Veritas and Evergreen took Athenahealth private in a deal valued at about $5.7 billion in 2019, meaning the firms are looking at a tremendous return after a hold of under three years. For Veritas, the exit translates to a 10x return, according to a person with knowledge of the situation.
Also, Blackstone raised $5.6 billion for its second GP stakes fund that will continue to mine opportunities, especially in the middle market. Fund II held a final close in early November, writes Kirk Falconer on Buyouts today.
That’s it for me! Hit me up with tips n’ gossip, feedback and thoughts [email protected] or over on LinkedIn.
Read the full wire commentary on PE Hub...
