The Competition Commission of India (CCI) approves acquisition of athenahealth Group, Inc. by funds managed and advised by H&F, Bain, and GICSI.

The proposed combination pertains to the proposed acquisition of athenahealth Group, Inc. (Target) by Hellman & Friedman Capital Partners X, L.P., Hellman & Friedman Capital Partners X (parallel), L.P., HFCP X (parallel-a), L.P., H&F Executives X, L.P., H&F Executives X-A, L.P. and H&F Associates X, L.P.( Funds managed and advised by Hellman Friedman LLC (H&F)), Bain Capital Fund XIII, L.P., Bain Capital Fund (lux) XIII, SCSP, (Funds managed and advised by Bain Capital Investors LLC (Bain)), Viggo Investment Pte. Ltd. (Investment holding vehicle managed and advised by GIC Special Investments Pte. Ltd. (GICSI)), and Minerva Holdco, Inc. (Acquirers).

The Acquirers have been established as parallel special purpose vehicles. Their primary business activity is to invest funds with the objective of achieving appreciation of capital invested.

The Target is a company headquartered in Massachusetts, USA. It is a cloud based provider of medical record, revenue cycle, patient engagement, care coordination, and population health services, as well as point-of-care mobile applications. These products and services are designed for the healthcare industry, specifically serving medical practices, hospitals and health systems and health plans. The Target holds a minority interest in Access Healthcare Services Private Limited (Access), which provides services related to revenue cycle management in the health segments to customers located in India.

As a result of the Proposed Combination, the Acquirers will acquire indirect, joint control of the Target through Minerva Parent, LP and its wholly controlled subsidiary, Minerva Bidco Inc., in terms of the Competition Act, 2002.

Detailed order of the CCI will follow.

Merger control clearance confirms joint control acquisition of a healthcare IT provider by private equity funds. The Competition Commission approved the proposed combination in which funds managed by Hellman & Friedman, Bain Capital and GIC Special Investments will, via special purpose vehicles culminating in Minerva Holdco, acquire indirect joint control of athenahealth Group, Inc. The Acquirers are parallel SPVs investing to achieve capital appreciation. The Target is a US cloud provider of healthcare IT services and holds a minority interest in an Indian revenue cycle management services provider. A detailed CCI order will follow.