IMS Health, the listed, Connecticut-based healthcare data services company, will be taken private in the biggest LBO transaction since 2007.

The price fetched by the target is almost 50% what was projected for IMS when it declared in late October that was considering a sale.

IMS will be bought by funds managed by TPG Capital and CPP Investment Board for $5.2 billion including assumed debt.

An unspecified amount of equity will be contributed by the PE firm and the Canadian pension fund and Goldman Sachs and affiliates are providing debt financing through principal loans and mezzanine funds.

IMS Health had $2.3 billion in revenue last year and operates in more than 500 countries; calls seeking comment were not returned by press time.

Foros Securities was advisor to the company’s transaction committee and Lazard rendered a fairness opinion; Morris, Nichols, Arsht & Tunnell acted as legal advisor to the transaction committee. Goldman, Bank of America/Merrill Lynch, Barclays, Evercore Partners and JPMorgan acted as financial advisors to the buyers and Ropes & Gray and Torys provided legal advice.

The Shulman Law Firm announced that it is looking to investigate the transaction on behalf of shareholders looking to reap a better rate on the deal and encourages them to go against the deal.

PE firms have pursued healthcare deals as 2009’s M&A scene has been characterized by an ongoing interest in the sector, despite pessimists’ concerns about what the coming Obama administration’s regulatory changes to the industry will do to buyer’s interest.

Last month, HIG Capital made yet another healthcare play when it bought Allion Healthcare Inc. for about $278 million.

In September, Cortec Group bought a majority stake in 180 Medical Inc. In addition, Miguel Fernandez, chairman of Florida-based private equity firm MBF Healthcare Partners, LP, committed $100 million in capital to invest in a new managed care healthcare platform, Simply Healthcare Plans, also in September.