Nov 23, 2021 - Health

Private equity firms buy Athenahealth, again

A GIF of the Athenahealth logo falling apart.

Illustration: Sarah Grillo/Axios

Private equity firms Bain Capital and Hellman & Friedman acquired Athenahealth, an electronic health records vendor for physician practices, for $17 billion.

Why it matters: This is one of the largest leveraged buyouts of the year, and it means the previous private equity firms that took Athenahealth private in 2018 — Veritas Capital and Evergreen Coast Capital, a subsidiary of Elliott Management— tripled their investment.

By the numbers: Athenahealth is now almost as valuable as Cerner, the dominant hospital electronic health records vendor that has a market cap of $21.6 billion.

The big picture: Private equity firms have flocked more into health care over the years, especially in 2021.

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