Singapore: Temasek picks majority stake in Global Healthcare Exchange

Global Healthcare Exchange gets Temasek as new investor
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Singapore’s state investment fund Temasek Holdings has acquired a majority stake in Global Healthcare Exchange (GHX), a provider of connected, intelligent healthcare supply chains. Financial details of the transaction were not disclosed.

A Wall Street Journal report pegged the transaction value at $1.8 billion, citing sources with knowledge of the matter.

PE firm Thoma Bravo, which acquired GHX in 2014, will retain a minority position, while current GHX senior management team will continue to lead the company.

GHX, headquartered in Louisville, Colorado, has employees in the US, Canada and Europe, and is known for its electronic trading exchange, electronic payment solution and supply chain solutions.

It creates and connects the healthcare industry’s largest collaborative community of trading partners, including providers, suppliers, distributors and group purchasing organisations (GPOs), enabling them to improve their business processes based on more timely and accurate data and greater automation.

“GHX maintains a strong position in North America and Europe with solutions that span the breadth of the healthcare supply chain,” said Bruce Johnson, CEO and president of GHX.

“The addition of Temasek to GHX’s ownership will help us continue to grow and deliver on our commitment to drive improved efficiency and results in healthcare.”

“Our commitment to working collaboratively with existing management, strengthening operational processes, and generating strong returns for our companies and investors is a practice we look forward to continuing as a minority partner in GHX with Temasek,” said Seth Boro, managing partner of Thoma Bravo.

Thoma Bravo is a PE firm focused on the software and technology-enabled services sectors. It maintains a series of funds representing more than $17 billion in capital commitments. Past and present portfolio companies include Blue Coat Systems, Deltek, Digital Insight, Global Healthcare Exchange, Hyland Software, PowerPlan, Qlik, Riverbed, SailPoint, SolarWinds, SonicWall, Sparta Systems and TravelClick.

JP Morgan Securities, Jefferies Finance, Credit Suisse Securities, Golub Capital and Ares Management are providing committed financing for the transaction.

The deal saw JP Morgan Securities, Credit Suisse Securities and Cleary Gottlieb Steen & Hamilton advise Temasek.  Thoma Bravo’s financial advisor on the transaction is Goldman Sachs, while Kirkland & Ellis is serving as its legal advisor.

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