GTCR LLC completed the acquisition of Cloudbreak Health, LLC from UpHealth, Inc..
March 15, 2024
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GTCR LLC entered into a membership interests purchase agreement to acquire Cloudbreak Health, LLC from UpHealth, Inc. (NYSE:UPH) for approximately $180 million on November 16, 2023. Monroe and Barings are providing debt financing support for the transaction. the sell side termination fee is $7.2 million. Transaction is subject to receipt of customary regulatory and stockholder approvals and closing conditions. As of Jan-24-2024 The board of directors of each of UpHealth, Cloudbreak and Buyer has unanimously approved the Sale and the other transactions and agreements contemplated by the Purchase Agreement. Transaction is expected to close in the first half of 2024. UpHealth will utilize the proceeds from the sale for payment in full or in part of the Company?s 2026 Unsecured and 2025 Secured Notes, as well as other expenses related to the transaction. Jeffrey C. Selman, John Maselli, Victoria Lee, Sarah Tauman and Michelle Lara of DLA Piper LLP (US) acted as legal advisor to UpHealth Inc. and Daniel A. Guerin, Neil K. Vohra, Ross M. Kwasteniet, Christopher S. Koenig, Rachael G. Coffey, Sanford E. Perl, Michael H. Weed, Aaron H. Lorber, Bernadette Coppola, Robert Goedert, Kevin Frank, Thomas J. Dobleman, Mike Carew and Polina Liberman of Kirkland & Ellis LLP acted as legal advisor to GTCR LLC. Stifel Financial Corp. (NYSE:SF) and Moelis & Company LLC served as financial advisor to GTCR.
GTCR LLC completed the acquisition of Cloudbreak Health, LLC from UpHealth, Inc. (NYSE:UPH) on March 15, 2024.
UpHealth, Inc. is a healthcare technology and technology-enabled service company. The Company operates through three segments: Integrated Care Management, Virtual Care Infrastructure, and Services. The Integrated Care Management segment provides guidance and tools to enhance population health through its SyntraNet platform. This platform improves overall health system performance by leveraging capabilities in data and analytics, health information exchanges, pharmacy care services, health care operations, and population health. The Virtual Care Management leverages digital health tools, technology, data, and analytics to provide telehealth solutions, which use electronic information and telecommunications technologies to support and promote long-distance clinical health care, patient and professional health-related education, and virtual care infrastructure solutions. The Services platform provides behavioral health, mental health, and pharmacy services in the United States.