IMS Health being sold for $5.2B
IMS Health, which provides market research to the pharmaceutical and health-care industries, has agreed to be acquired for $5.2 billion by private equity firm TPG Capital and the CPP Investment Board.
IMS Health, which provides market research to the pharmaceutical and health-care industries, has agreed to be acquired for $5.2 billion by private equity firm TPG Capital and the CPP Investment Board.
IMS is headquartered in Norwalk, Conn., but its major employment center - with around 1,000 people - is in Blue Bell, Montgomery County.
The agreement calls for IMS shareholders to receive $22.00 cash for each share of IMS common stock they own, representing a premium over the $16.39 closing price on Friday.
The deal with TPG Capital and the CPP Investment Board, which invests the funds not needed by the Canada Pension Plan, is expected to close by the end of the first quarter of 2010.
"With the backing of world-class private equity partners, we will continue our focus on expanding into new markets, further improving the quality and depth of offerings we deliver to our clients, and playing a bigger role in the health care market," said David R. Carlucci, IMS chairman and CEO.
IMS Health, which has operations in more than 100 countries and more than 50 years of industry experience, had $2.3 billion in 2008 revenues.
The stock was priced at $20.90, up $4.09, shortly after trading opened today. - Roslyn Rudolph