Allscripts to sell CarePort Health business for $1.3 billion

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Allscripts Healthcare Solutions is selling its care coordination subsidiary CarePort Health to WellSky, the companies said Tuesday.WellSky, a company that develops software tools for post-acute care providers, has entered into a definitive agreement to acquire CarePort for $1.35 billion, representing more than 13 times CarePort’s revenue over the last 12 months and roughly 21 times the company’s adjusted earnings before interest, taxes and amortization.CarePort represents roughly 6% of Allscripts’ revenue. Allscripts and WellSky, which is owned by private-equity firms TPG Capital and Leonard Green & Partners, expect the sale to close before year-end.WellSky officials said buying CarePort, which connects acute and post-acute care providers and payers, will better position the company to manage the acute-care discharge process, as well as tracking for patients across post-acute care settings.Under the agreement, CarePort’s customers and employees will transition to WellSky.”Together with CarePort, WellSky will establish new, meaningful connections between historically disparate settings of care,” Bill Miller, CEO of WellSky, said in a statement.Rick Poulton, Allscripts’ president and chief financial officer, said the sale for Allscripts “unlocks significant value for our shareholders” and “enables us to increase our focus on our core business.”Allscripts will use proceeds from the sale to “invest in its …

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