Competition Commission approves deal for acquisition of athenahealth Group

Competition Commission has given its nod for the acquisition of athenahealth Group by funds managed and advised by H&F, Bain, and GICSI, and Minerva Holdco Inc. The company, headquartered in US, is a cloud-based provider of medical record, revenue cycle, patient engagement, care coordination, and population health services, as well as point-of-care mobile applications.

The acquiring funds are those that are managed and advised by Hellman Friedman LLC, Bain Capital Investors LLC and GIC Special Investments Pte. Ltd (GICSI).

The combination involves acquisition of athenahealth Group Inc by the acquirers pursuant to execution of the agreement and plan of merger entered into between Minerva Bidco, Minerva Merger Sub Inc, athenahealth Group and athenahealth Holdings LLC, according to a notice filed with the regulator.

"As a result of the proposed combination, the acquirers will acquire indirect, joint control of the Target through Minerva Parent, LP and its wholly controlled subsidiary, Minerva Bidco, in terms of the Competition Act," it added.

As per the notice, the proposed combination will allow athenahealth Group Inc to accelerate its growth and continue to innovate in the healthcare industry.

In a release on Tuesday, Competition Commission of India (CCI) said the deal has been approved.