A consortium led by Maurice Greenberg's Starr Investment Holdings, LLC and Switzerland's Partners Group AG agreed Monday to acquire New York-based medical claims processor MultiPlan, Inc. from private equity firms Silver Lake Partners and B C Partners. Though the terms of the deal were not disclosed, the deal value is reportedly pegged at about $4.4 billion.
"Starr's historical relationship with MultiPlan and its executives was fundamental in bringing our firms together. With the investment led by Starr and Partners Group, we have the long-term capital, strategic support and collective set of relationships to further grow our company and evolve our solutions in the rapidly-changing healthcare market and beyond," MultiPlan CEO Mark Tabak said in a statement.
MultiPlan delivers comprehensive transaction-based solutions to healthcare payers. It leverages technology, data and analytics to optimizes healthcare transactions by reducing medical costs through its network- and analytics-based solutions and by enabling efficient transaction processing through its unique technology platform.
MultiPlan works with more than 900,000 healthcare providers, processing about 40 million claims annually and generates more than $11 billion in medical cost savings.
Silver Lake Partners and B C Partners had acquired MultiPlan from Carlyle Group (CG) and Welsh, Carson, Anderson & Stowe in mid-2010 for about $3.1 billion.
Starr Investment is an affiliate of Greenberg's insurance and investments conglomerate C.V. Starr & Co., Inc. Greenberg is the former chairman and CEO of American International Group, Inc. (AIG), from where he retired in March 2005.
The transaction has fully committed financing from Barclays PLC and J.P. Morgan Chase & Co. and is subject to regulatory approvals and customary closing conditions.
"It has been our privilege to partner with MultiPlan. Since our investment in 2010, MultiPlan has successfully integrated Viant and strengthened its foundation for long-term growth through enhanced technology capabilities, expanded customer relationships and deeper penetration into adjacent markets and new product lines," said Raymond Svider, Managing Partner of BC Partners, and Egon Durban, Managing Partner of Silver Lake.
In another deal, private equity giant Kohlberg Kravis Roberts & Co. L.P. (KKR) had in late January agreed to acquire a majority stake in another health care claims processor Sedgwick Claims Management Services, Inc. for about $2.4 billion from private-equity group led by Hellman & Friedman LLC and Stone Point Capital LLC.
In September 2013, KKR had also agreed to buy privately-held automotive claims services provider Mitchell International Inc. from private equity firm Aurora Capital Group in a deal reportedly valued at more than $1 billion.
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