The Blackstone Group has completed its take-private buyout of Emdeon (NYSE: EM). Blackstone paid Emdeon stockholders $19 per share, putting the total transaction value at $3 billion. Emdeon provides healthcare revenue and payment cycle management and clinical information exchange solutions. One of the company's existing investors, Hellman & Friedman, has retained a minority stake in the company. Hellman & Friedman has backed the company since 2008.
Since the beginning of 2007, PE investors have invested in 100 companies primarily involved in the Healthcare Technology Systems industry, according to the PitchBook Platform. Deal flow in the industry has held steady over the last few years, little impacted by the financial crises, unlike many other industries. While platform buyouts accounted for the majority of the activity in both 2007 and 2008, they've taken a backseat to add-ons during the last three years. Buyouts, like the Emdeon deal, have been relatively rare this year, accounting for only 16% of 2011's deals to date, compared to a 63% share held by add-ons.
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