Private equity firm to buy Greenway Medical
Greenway Medical and Vitera Healthcare Solutions combine in $644 million deal
CARROLLTON, Ga. (AP) -- The owners of Vitera Healthcare Solutions LLC are buying Greenway Medical Technologies Inc. and combining the two health care information technology and services companies.
Vista Equity Partners, a private equity firm that owns Vitera, will pay Greenway stockholders $20.35 in cash for each share of Greenway common stock they hold. That represents a nearly 19 percent premium to Greenway's closing price Monday before the deal was announced publicly.
The all-cash transaction is valued at about $644 million.
Greenway, based in Carrollton, Ga., develops and sells information technology solutions for physicians and health care practices. Vitera Healthcare, based in Tampa, Fla., provides electronic health records and practice management services to health care providers.
Combined, the companies will serve nearly 13,000 medical organizations and 100,000 providers. The two businesses will continue as Greenway Medical Technologies, selling both company's services and products under that brand. Upon closing, Greenway will operate as a privately held company.
The Greenway board of directors has unanimously approved the definitive merger agreement.
Shares of Greenway soared $3.07, a nearly 18 percent increase, to $20.20 in after-hours trading following the announcement.
