Data analytics company Verisk Analytics Inc said on Monday it would sell its healthcare services business, Verisk Health, to an affiliate of private equity firm Veritas Capital for $820 million.
The purchase price consists of $720 million of cash consideration, a $100 million long-term subordinated promissory note and other contingent consideration.
Verisk Analytics estimated after-tax proceeds of about $675 million. In the near term, the company intends to use a portion of the proceeds to repay its revolver drawings.
Morgan Stanley and SunTrust Robinson Humphrey acted as financial advisors to Verisk Analytics on the sale.
The deal is expected to close by June 30, 2016.
Source : reuters.com