An R1 RCM special committee had set a July 31 deadline for interested parties to submit fully-financed bids in connection with its review process. R1 formed the special committee of independent directors in February in the wake of two major shareholders mulling an offer to take the company private.
The transaction was unanimously approved by the special committee, according to an Aug. 1 R1 RCM news release. An investment vehicle controlled by TowerBrook currently owns about 36% of R1’s outstanding shares. Under the terms of the agreement, TowerBrook and CD&R will acquire all the outstanding common stock TowerBrook does not own for $14.30 per share.
The deal is expected to close by the end of the year, according to the release. It is subject to stockholder and regulatory approvals.
“TowerBrook has been an outstanding long-term investor and partner to R1 and shares our vision of being the automation platform of choice for the provider industry,” R1 CEO Lee Rivas said in the release. “Our agreement reflects TowerBrook’s and CD&R’s confidence in our team and the unmatched scale, technology and value we provide. We believe the transaction represents the best path forward for R1 at an attractive valuation to our stockholders that reflects the company’s position as a leading provider of technology-driven solutions for its customers.”
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