MedAssets to buy Broadlane for $850M

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MedAssets to buy Broadlane for $850M

by Heather Mayer, DOTmed News Reporter | September 14, 2010
MedAssets Supply Chain Systems, based in Georgia, announced earlier today that it will purchase Texas-based Broadlane Group for approximately $850 million.

Terms of the acquisition state that MedAssets will pay $725 million at closing and the remaining $125 million in January 2012. As a result of the acquisition, the companies will offer supply-chain solutions, outsourcing and workforce management services.

"The collective strengths and business models of our two companies will ... enhance MedAssets' financial profile, with highly visible, recurring revenue as well as cash flow and profit expansion opportunities," said John Bardis, MedAssets' chairman, president and CEO, in a statement.

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MedAssets predicts the purchase to increase adjusted earnings per share by between $0.05 to $0.10 in 2011 and increase cost savings by at least $20 million.

The deal is expected to close in 60 to 90 days, according to MedAssets.