Private equity investment firm Golden Gate Capital agreed to acquire a 51% stake in revenue cycle management provider Ensemble Health Partners from Bon Secours Mercy Health for an undisclosed sum.
Bon Secours is set to receive $1.2 billion in cash, including proceeds from new borrowing by Ensemble, The Wall Street Journal reported, citing people with knowledge of the matter.
The publication added that the parties expect the transaction to close in the next two months.
Under the terms of the deal, which is subject to standard regulatory approvals, Bon Secours will continue as a commercial partner to Ensemble and remain a minority owner in the company, while also continuing to serve on the company's board.
Guggenheim Securities was the exclusive strategic and financial adviser to Bon Secours and Ensemble.