TPG Capital, a private equity arm of alternative asset management firm TPG, has purchased Convey Health Solutions, a healthcare technology and services company.
TPG has acquired all of the remaining shares of Convey common stock not currently owned by TPG or certain management and director shareholders for $10.50 per share in cash, representing an enterprise value of approximately $1.1 billion. At closing, trading of Convey’s common stock has been suspended on the New York Stock Exchange and Convey has requested that its common stock be delisted from the NYSE.
“We look forward to continuing our partnership with TPG as we work together to serve Convey’s health plan clients and their members with our best-in-class technology platforms and business process solutions,” comments Stephen Farrell, CEO of Convey.
Davis Polk & Wardwell LLP acted as legal counsel to TPG. Centerview Partners acted as financial advisor to Convey and Simpson Thacher & Bartlett LLP acted as legal counsel to the special committee of the board of directors of Convey. Cravath, Swaine & Moore LLP acted as legal counsel to Convey.