IMS Health, the $2.3 billion (sales/year) Blue Bell- and Norwalk, Conn.-based pharmaceutical data firm that put itself on the block earlier this year, has been sold to giant buyout firm Texas Pacific Group (TPG) of Fort Worth, a source familiar with the deal tells me. IMS employs around 1,000 at its suburban Philadelphia "Americas headquarters", and over 5,000 worldwide. Expect an announcement later today.
UPDATE: It's now official. Announcement here.
Excerpts:" IMS Health (NYSE: RX), the world’s leading provider of market intelligence to the pharmaceutical and healthcare industries, today announced that it has entered into a definitive agreement to be acquired by investment funds managed by TPG Capital (“TPG”) and the CPP Investment Board (“CPPIB”) [big Canada pension fund] in a transaction with a total value of $5.2 billion, including the assumption of debt...
"IMS shareholders will receive $22.00 cash for each share of IMS common stock they own, representing a premium of approximately 50 percent over the closing share price on Friday, October 16, 2009, the last trading day prior to public speculation that IMS was considering its strategic alternatives.
"The transaction has fully committed financing, consisting of a combination of equity to be invested by TPG and CPPIB and debt financing to be provided by certain affiliates of Goldman, Sachs & Co....
“This transaction enables our shareholders to realize substantial value from their investment in IMS with an immediate cash premium...” said IMS Chairman and CEO David R. Carlucci. “We will continue our focus on expanding into new markets..."
"Completion of the transaction is subject to approval of IMS shareholders, regulatory approvals and customary closing conditions and is expected to occur by the end of the first quarter of 2010. Goldman, Sachs & Co., BofA Merrill Lynch, Barclays Capital, Evercore Partners, and J.P. Morgan acted as financial advisors to TPG and CPPIB. Ropes & Gray LLP acted as legal advisor to TPG and CPPIB. CPPIB was also separately advised by Torys LLP."
- Bloomberg News
- New York Times Dealbook
- Washington Post Economy Watch
- U.S. propaganda
- Dealbreaker
- Edgar SEC Filings
- Emma Bond Filings
- ACG Philadelphia Deals and Dealmakers
- Seeking Alpha CEO call transcripts
- FCC Documents on Comcast-NBC Universal merger
- Jones Philadelphia Skyline Report
- Grubb Business Real Estate
- Studley Business Real Estate
- Plan Philly
- Penn Praxis
- Technically Philly
- Llenrock real estate blog
- Pennsylvania state budget
- New Jersey state budget
- Philadelphia city budgets
- Delaware 2010 budget
- U.S. budget
- Pennsylvania State Employees Retirement System
- February
- January
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- News | Sports | Business | What's Happening | Restaurants & Food | Entertainment | Living | Marketplace | Jobs
