Verisk (VRSK) Buys MediConnect Global for $348.6M
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Verisk Analytics, Inc. (Nasdaq: VRSK) announced today it has signed an agreement to acquire MediConnect Global, Inc., a leading provider of proprietary systems and services that facilitate the aggregation and analysis of medical records. Based in Sandy, Utah, MediConnect has a repository of nearly 10 million medical records that are digitized, indexed, and securely hosted online. The acquisition will further advance Verisk's position as a major provider of data, analytics, and decision support solutions in the healthcare industry.
The net purchase price is $348.6 million. As part of the transaction, Verisk expects to realize approximately $25 million in tax and positive working capital benefits. The transaction is expected to close in March 2012, subject to the completion of customary closing conditions, including receipt of MediConnect shareholder and regulatory approvals. Verisk will use cash on hand and available capacity under its revolving credit facility to fund the purchase. The transaction is expected to be accretive to adjusted EPS in 2012.
The net purchase price is $348.6 million. As part of the transaction, Verisk expects to realize approximately $25 million in tax and positive working capital benefits. The transaction is expected to close in March 2012, subject to the completion of customary closing conditions, including receipt of MediConnect shareholder and regulatory approvals. Verisk will use cash on hand and available capacity under its revolving credit facility to fund the purchase. The transaction is expected to be accretive to adjusted EPS in 2012.
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