Under the deal, KKR will pay WebMD shareholders $66.50 per share.
The firm will also bring WebMD’s health information websites — including WebMD.com and Medscape.com — into its internet brands unit. The unit also houses health information websites like DentalPlans.com and AllAboutCounseling.com.
The acquisition comes five months after WebMD said it was experiencing a decrease in pharmaceutical company advertising, according to Reuters. As of 2016, WebMD’s medical news publication Medscape accounted for 60 percent of its advertising revenue.
The deal is expected to close in the fourth quarter of 2017.
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