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December 8, 2015
NEW YORK, December 8, 2015 - Covington represented Ascension, the nation’s leading Catholic and non-profit health system, in a $200 million investment transaction with TowerBrook Capital Partners in Accretive Health, a leading provider of revenue cycle management services to healthcare providers. The transaction is expected to close in the first quarter of 2016.
Pursuant to a stock purchase agreement, a newly formed investment vehicle owned by Ascension and TowerBrook will receive convertible preferred stock, representing approximately 44% of Accretive’s outstanding shares on an as-converted basis, as well as warrants to acquire up to an additional 60 million shares of Accretive.
Concurrent with signing, Ascension and Accretive announced a long-term strategic partnership, making Accretive the sole revenue cycle provider of Ascension.
The Covington team was led by Stephen Infante, and included Bud Jerke, Scott Naturman and Megan Woodford (corporate), Mark Gimbel, Ran Mukherjee and Emily Freeman (litigation), Seth Safra, Brady McDaniel and Helena Milner-Smith (employee benefits), Rob Heller (tax), Brian Rosenzweig (securities) and Jim O’Connell (antitrust).