According to a Sept. 6 press release, NextGen Healthcare, Inc., a provider of cloud-based healthcare technology solutions, announced that it has entered into a definitive agreement to be acquired by Thoma Bravo, a software investment firm. When the transaction is complete, NextGen Healthcare will become a privately held company.
The press release stated, “Under the terms of the agreement, NextGen Healthcare shareholders will receive $23.95 per share in cash. The per share purchase price represents a 46.4% premium to the Company’s unaffected closing stock price on August 22 (the last trading day prior to published market speculation regarding a potential transaction involving the Company) and a 39.2% premium to the 30-day volume-weighted average price for the period ending September 1.”
“Under the terms of the agreement, NextGen Healthcare shareholders will receive significant immediate cash value for their shares. In addition, with Thoma Bravo as a partner, the Company will benefit from increased capital, expertise and strategic flexibility to accelerate the Company’s leadership in providing healthcare technology solutions,” said David Sides, president and chief executive officer of NextGen Healthcare.
Additionally, Jeffrey H. Margolis, chair of the NextGen Healthcare Board of Directors, commented that the agreement is “the result of a deliberate process to maximize shareholder value and best position NextGen Healthcare for continued growth and success. The agreement delivers significant cash value to our shareholders and creates exciting opportunities for NextGen Healthcare’s employees and clients.”
Peter Hernandez, a vice president at Thoma Bravo was also quoted in the release. Bravo said, “We have followed NextGen Healthcare’s impressive business transformation for many years and are excited to apply Thoma Bravo’s strategic and operational expertise to drive continued growth and innovation. We look forward to partnering with the NextGen Healthcare team to further accelerate product investments to better support the increasingly complex needs of ambulatory providers and ultimately improve patient outcomes.”
The transaction was approved unanimously by the NextGen Healthcare Board of Directors and is expected to close in the fourth quarter of 2023.