Vista Equity Partners, owner of Vitera, to acquire all outstanding
Greenway common stock for $20.35 per share in a transaction valued at
approximately $644 million
CARROLLTON, Ga. & TAMPA, Fla.--(BUSINESS WIRE)--
Greenway Medical Technologies, Inc. (NYSE: GWAY) today announced a
definitive agreement which will result in the combination of the
businesses of Greenway and Vitera Healthcare Solutions, LLC. The
transaction will create a leader in healthcare information technology
and services, offering a comprehensive set of solutions to improve
clinical and financial outcomes in healthcare enterprises, ambulatory
practices, public health, retail and other clinics nationwide. Following
the closing of the transaction, the Vitera and Greenway businesses will
serve nearly 13,000 medical organizations and 100,000 providers.
Under the terms of the agreement, Vista Equity Partners, which owns
Vitera Healthcare Solutions, will pay Greenway stockholders $20.35 in
cash for each share of Greenway common stock they hold. The price
represents a 62% premium to Greenway’s 90-day volume weighted average
stock price, and a 20% premium to Greenway’s closing share price the day
before the merger agreement was signed. The all-cash transaction is
valued at approximately $644 million. The Greenway Board of Directors
has unanimously approved the definitive merger agreement. Upon closing,
Greenway will operate as a privately held company.
“We are pleased to approve this agreement and look forward to completing
this transaction,” said W. Thomas “Tommy” Green, founder of Greenway
Medical Technologies and Chairman since the company’s inception in 1998.
“It provides substantial cash value for our stockholders, and reflects
our deep commitment to drive innovation that helps healthcare
professionals succeed and thrive in today’s evolving healthcare
It is anticipated that the Vitera and Greenway businesses will continue
as Greenway Medical Technologies with the products and services of both
Greenway and Vitera marketed under the Greenway brand. After closing,
the two businesses will continue together to deliver best-in-class
solutions and services, and enhancement of existing product platforms to
ensure customers have the tools they need to address payment reform
models and meet regulatory requirements such as Meaningful Use Stage 2
and the transition to ICD-10.
Greenway will continue to have headquarters and principal operations in
Carrollton, GA, Tampa, FL and Birmingham, AL.
“This transaction presents an opportunity to offer even greater value to
our customers,” said Matthew J. Hawkins, President and CEO of Vitera.
“Combining our business with Greenway Medical Technologies demonstrates
our intense focus on growth and our commitment to provide current and
prospective customers with proven, integrated and easy-to-use solutions
they need to grow profitably, increase practice efficiencies and improve
patient outcomes in this ever-changing healthcare environment.”