McKesson to Separate IT Unit
June 28 2016 - 9:40AM
Dow Jones News
Health-care giant McKesson Corp. on Tuesday said it plans to
form a health-care information-technology joint venture that it
expects to take public later in an initial public offering.
The planned company will combine most of McKesson's technology
segment with the bulk of Change Healthcare Holdings Inc., which is
majority owned by Blackstone Group LP.
McKesson would own 70% of the new company, with the rest owned
by Change Healthcare's shareholders, including Blackstone and
Hellman & Friedman LLC.
The new company has received commitments for $6.1 billion of
debt, with proceeds targeted to repay $2.7 billion of Change
Healthcare's debt, as well as make payments of $1.25 billion to
McKesson and $1.75 billion to Change Healthcare's holders.
The deal excludes McKesson's RelayHealth Pharmacy business and
its enterprise-information segment. McKesson separately said it
plans to explore strategic options for the EIS unit.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
June 28, 2016 09:25 ET (13:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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