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NEW YORK, November 5, 2009 — IMS Health today announced that it has entered into a definitive agreement to be acquired by investment funds managed by TPG Capital (TPG) and the CPP Investment Board (CPPIB) in a transaction with a total value of $5.2 billion, including the assumption of debt. Covington & Burling LLP advised Foros Securities LLC, which acted as financial advisor to the Transaction Committee of the Board of Directors of IMS Health.
IMS Health, which operates in more than 100 countries, provides market intelligence to the pharmaceutical and healthcare industries. TPG Capital is the global buyout group of TPG, a private investment firm founded in 1992. CPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. Foros is a financial services firm that provides M&A and corporate finance advisory and capital raising services.
The New York-based Covington corporate team was led by partners Fred Knecht and Jack Bodner, with associate Russell Valdez.