SAN FRANCISCO & NASHVILLE, Tenn.--(BUSINESS WIRE)--McKesson Corporation (NYSE:MCK), a leading global healthcare services
and information technology company, and Change Healthcare Holdings,
Inc., a leading provider of software and analytics, network solutions
and technology-enabled services, today announced that the companies have
received notification that the Department of Justice closed its review
and terminated the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, in connection with the proposed
creation of a new healthcare information technology company. The
termination of this waiting period satisfies one of the conditions of
the proposed transaction.
The transaction remains subject to other customary closing conditions.
Subject to satisfaction of these other closing conditions, the
acquisition is expected to close in the first half of calendar year 2017.
As previously announced on June 28, 2016, McKesson and Change Healthcare
announced the creation of a new healthcare information technology
company. The entity will combine substantially all of Change
Healthcare’s business and the majority of McKesson Technology Solutions
into a new company. McKesson will own approximately 70% of the new
company, with the remaining equity stake held by Change Healthcare
stockholders, which includes Blackstone and Hellman & Friedman.
About McKesson Corporation
McKesson Corporation, currently ranked 5th on the FORTUNE 500, is a
healthcare services and information technology company dedicated to
making the business of healthcare run better. McKesson partners with
payers, hospitals, physician offices, pharmacies, pharmaceutical
companies, and others across the spectrum of care to build healthier
organizations that deliver better care to patients in every setting.
McKesson helps its customers improve their financial, operational, and
clinical performance with solutions that include pharmaceutical and
medical-surgical supply management, healthcare information technology,
and business and clinical services. For more information, visit www.mckesson.com.
About Change Healthcare
Change Healthcare is a leading provider of software and analytics,
network solutions and technology-enabled services that optimize
communications, payments and actionable insights designed to enable
smarter healthcare. By leveraging its Intelligent Healthcare Network™,
which includes the single largest financial and administrative network
in the United States healthcare system, payers, providers and pharmacies
are able to increase revenue, improve efficiency, reduce costs, increase
cash flow and more effectively manage complex workflows. Learn more at www.changehealthcare.com.
About Blackstone
Blackstone has been a global leader in private equity since 1985, with
approximately $100 billion of assets under management. We uncover value
by identifying great companies and enhancing their performance by
providing strategic capital and outstanding management talent. We aim to
grow stronger enterprises, create jobs, and enable our portfolio
companies to build lasting value for our investors, their employees and
all stakeholders.
Blackstone is one of the world’s leading investment firms. We seek to
create positive economic impact and long-term value for our investors,
the companies we invest in, and the communities in which we work. We do
this by using extraordinary people and flexible capital to help
companies solve problems. Our asset management businesses, with over
$360 billion in assets under management, include investment vehicles
focused on private equity, real estate, public debt and equity,
non-investment grade credit, real assets and secondary funds, all on a
global basis. Further information is available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.
Risk Factors
This press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, as amended, that are subject to
risks, uncertainties and other factors. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including statements regarding the expected
timing of the completion of the transaction; the ability to complete the
transaction considering the various closing conditions; the expected
benefits and costs of the transaction; any projections of earnings,
revenues, synergies or other financial items; any statements of the
plans, strategies and objectives of management for future operations;
any statements regarding product or service developments, extensions or
integration; any statements of expectation or belief; any statements
regarding general industry conditions and competition; any statements
regarding economic conditions; and any statements of assumptions
underlying any of the foregoing. Risks, uncertainties and assumptions
include risks related to the timing or ultimate completion of the
transaction, as the transaction is subject to closing conditions,
including completion of audited financial statements of the MTS
businesses being contributed to the new company; the possibility that
expected benefits may not materialize as expected; ability to
successfully implement integration strategy for the new company; as well
as the ability to ensure continued performance or market growth of
McKesson’s, Change Healthcare’s and the new company’s products and
services. These risks, uncertainties and other factors, and the general
risks associated with the respective businesses of McKesson and Change
Healthcare described in the reports and other documents submitted by
each of them to the Securities and Exchange Commission, could cause
actual results to differ materially from those referred to in the
forward-looking statements. All forward-looking statements are based on
information currently available to McKesson and Change Healthcare and
are qualified in their entirety by this cautionary statement. You are
cautioned not to place undue reliance on any such forward-looking
statements, which speak only as of the date such statements were first
made. Except to the extent required by law, neither McKesson nor Change
Healthcare assumes any obligation to update any such forward-looking
statements or other statements included in this press release.