Patient Square Capital, based in Menlo Park, California, announced that it is purchasing Premier, Inc. in a $2.6 billion deal. The agreement, announced on September 22, is subject to regulatory approvals as well as shareholder signoffs, but is expected to close by the first quarter of 2026.
According to the press release, Premier stockholders would receive $28.25 cash per share, which the companies said is a 23.8% bump over its 60-day volume-weighted average price as of September 5.
Premier is a technology-driven healthcare improvement company that provides solutions to two-thirds of all healthcare providers in the United States. Headquartered in Charlotte, North Carolina, Premier offers integrated data and analytics, collaborative solutions, supply chain solutions, consulting and other services.
Patient Square Capital is a dedicated health care investment firm with approximately $11 billion of assets under management as of September 30, 2024. It was founded in 2020.
With this transaction, Premier will be removed from the NASDAQ and will be a private company. This was done by an affiliate of Patient Square Capital.
Goldman Sachs & Co. LLC and BofA Securities, Inc. are serving as financial advisors, Wachtell, Lipton, Rosen & Katz is serving as legal counsel and Joele Frank is serving as strategic communications advisor to Premier.
Cravath, Swaine & Moore LLP is serving as legal advisor to the transaction committee of the Board of Directors.
Kirkland & Ellis LLP is serving as legal counsel, Ropes & Gray is serving as health care legal counsel, Jefferies LLC and Santander are serving as financial advisors and Perella Weinberg Partners LP is serving as debt capital markets advisor to Patient Square.
According to data captured in the LevinPro HC database, this transaction marks the 234th eHealth acquisition of 2025, and 33rd in the analytics specialty. Throughout 2024, there were 30 analytic transactions reported, and 35 in 2023.
This transaction also represents Patient Square Capital’s second acquisition of 2025. In March, its portfolio company, Eargo, Inc., merged with HEARx, Ltd. Eargo, Inc. is a medical device company focused on hearing devices. HEARx, Ltd. a hearing medical device company. Additionally, in June, Premier purchased IllumiCare, an electronic medical record organization based in Vestavia, Alabama. Terms were not disclosed.
