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    Universal American buys APS Healthcare for $227.5M

    Associated Press – Wed, Jan 11, 2012

    RYE BROOK, N.Y. (AP) — Health insurer Universal American Corp. said Wednesday it will buy health care software and services company APS Healthcare Inc. in a deal that could be worth up to $277.5 million in cash and stock.

    APS Healthcare is owned by private equity firm GTCR LLC. It provides services like disease management, care coordination, and clinical quality and use reviews to customers including Medicaid agencies, state and local governments, and health plans. Universal American said the company services 30 government programs and has around 400 total customers. Its total revenue was about $300 million in 2011.

    The deal includes $147.5 million in cash that will be used to retire APS' debt and other liabilities, and $80 million in Universal American stock. Universal American will pay an additional $50 million in cash in March 2014 if APS Healthcare meets performance targets. The purchase is expected to close within the next 60 days.

    GTCR will own 7 to 9 percent of Universal American stock after the deal closes, and it will have the right to appoint one member to the company's board. Universal American said GTCR is likely to appoint David Katz, who is a principal of GTCR and a director of APS Healthcare.

    Universal American had $1.53 billion in revenue in the first three quarters of 2011. Its shares fell $1.54, or 11.4 percent, to $12 in morning trading.

     

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