McKesson & Change Healthcare Announce Termination of Hart-Scott-Rodino Act Waiting Period for the Creation of a New Healthcar...
December 21 2016 - 8:30AM
Business Wire
McKesson Corporation (NYSE:MCK), a leading global healthcare
services and information technology company, and Change Healthcare
Holdings, Inc., a leading provider of software and analytics,
network solutions and technology-enabled services, today announced
that the companies have received notification that the Department
of Justice closed its review and terminated the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, in connection with the proposed creation of a new
healthcare information technology company. The termination of this
waiting period satisfies one of the conditions of the proposed
transaction.
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The transaction remains subject to other customary closing
conditions. Subject to satisfaction of these other closing
conditions, the acquisition is expected to close in the first half
of calendar year 2017.
As previously announced on June 28, 2016, McKesson and Change
Healthcare announced the creation of a new healthcare information
technology company. The entity will combine substantially all of
Change Healthcare’s business and the majority of McKesson
Technology Solutions into a new company. McKesson will own
approximately 70% of the new company, with the remaining equity
stake held by Change Healthcare stockholders, which includes
Blackstone and Hellman & Friedman.
About McKesson Corporation
McKesson Corporation, currently ranked 5th on the FORTUNE 500,
is a healthcare services and information technology company
dedicated to making the business of healthcare run better. McKesson
partners with payers, hospitals, physician offices, pharmacies,
pharmaceutical companies, and others across the spectrum of care to
build healthier organizations that deliver better care to patients
in every setting. McKesson helps its customers improve their
financial, operational, and clinical performance with solutions
that include pharmaceutical and medical-surgical supply management,
healthcare information technology, and business and clinical
services. For more information, visit www.mckesson.com.
About Change Healthcare
Change Healthcare is a leading provider of software and
analytics, network solutions and technology-enabled services that
optimize communications, payments and actionable insights designed
to enable smarter healthcare. By leveraging its Intelligent
Healthcare Network™, which includes the single largest financial
and administrative network in the United States healthcare system,
payers, providers and pharmacies are able to increase revenue,
improve efficiency, reduce costs, increase cash flow and more
effectively manage complex workflows. Learn more at
www.changehealthcare.com.
About Blackstone
Blackstone has been a global leader in private equity since
1985, with approximately $100 billion of assets under management.
We uncover value by identifying great companies and enhancing their
performance by providing strategic capital and outstanding
management talent. We aim to grow stronger enterprises, create
jobs, and enable our portfolio companies to build lasting value for
our investors, their employees and all stakeholders.
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with over $360 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Further information is
available at www.blackstone.com. Follow Blackstone on Twitter
@Blackstone.
Risk Factors
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, as amended,
that are subject to risks, uncertainties and other factors. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements, including
statements regarding the expected timing of the completion of the
transaction; the ability to complete the transaction considering
the various closing conditions; the expected benefits and costs of
the transaction; any projections of earnings, revenues, synergies
or other financial items; any statements of the plans, strategies
and objectives of management for future operations; any statements
regarding product or service developments, extensions or
integration; any statements of expectation or belief; any
statements regarding general industry conditions and competition;
any statements regarding economic conditions; and any statements of
assumptions underlying any of the foregoing. Risks, uncertainties
and assumptions include risks related to the timing or ultimate
completion of the transaction, as the transaction is subject to
closing conditions, including completion of audited financial
statements of the MTS businesses being contributed to the new
company; the possibility that expected benefits may not materialize
as expected; ability to successfully implement integration strategy
for the new company; as well as the ability to ensure continued
performance or market growth of McKesson’s, Change Healthcare’s and
the new company’s products and services. These risks, uncertainties
and other factors, and the general risks associated with the
respective businesses of McKesson and Change Healthcare described
in the reports and other documents submitted by each of them to the
Securities and Exchange Commission, could cause actual results to
differ materially from those referred to in the forward-looking
statements. All forward-looking statements are based on information
currently available to McKesson and Change Healthcare and are
qualified in their entirety by this cautionary statement. You are
cautioned not to place undue reliance on any such forward-looking
statements, which speak only as of the date such statements were
first made. Except to the extent required by law, neither McKesson
nor Change Healthcare assumes any obligation to update any such
forward-looking statements or other statements included in this
press release.
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McKesson Corporation Contacts:Investors and Financial
Media:Craig Mercer, 415-983-8391Craig.Mercer@mckesson.comorGeneral
and Business Media:Kristin Hunter,
415-983-8974Kristin.Hunter@mckesson.comorChange Healthcare
Holdings, Inc. Contact:Tommy Lewis,
615-932-3235tlewis@changehealthcare.com
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