KKR says it will buy We­bMD for $2.8B

The Denver Post - - BUSINESS - By Dow Jones Newswires

KKR & Co. has reached a deal to buy We­bMD Health Corp. for $2.8 bil­lion.

The New York-based health-in­for­ma­tion provider had been run­ning an auc­tion af­ter pub­licly putting it­self in play ear­lier this year.

KKR’s Internet Brands plans to launch a ten­der of­fer in the next 10 busi­ness days to ac­quire We­bMD shares for $66.50 each in cash, We­bMD said Mon­day.

The shares were trad­ing at just over $50 when We­bMD said it would con­sider a sale. Shares rose 18 per­cent to $65 in pre­mar­ket trad­ing Mon­day. We­bMD said the ac­qui­si­tion is ex­pected to close dur­ing the fourth quar­ter of 2017.

We­bMD was founded in the late 1990s by Jef­frey Arnold, who be­came a bil­lion­aire at age 29 when the com­pany merged with Healtheon Corp. in 1999.

In ad­di­tion to its web­site, fea­tur­ing a symp­tom checker and glos­sary of med­i­cal terms, the com­pany op­er­ates physi­cian-fo­cused Med­scape.com, among other ser­vices.

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