IMS Health Holdings, Inc.NYSE
IMS Health: Not So Healthy Analytics
Darspal S Mann
Darspal S Mann
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Thu, May 26, 9:58 AM
Tue, May 3, 7:06 AM
- IMS Health Holdings (NYSE:IMS) and Quintiles Transnational Holdings (NYSE:Q) agree to combine in an all-stock merger of equals transaction. The merged organization will do business as Quintiles IMS Holdings (stock symbol not stated). Based on the closing prices on May 2, the joined company will sport a market cap of $17.6B and an enterprise value of more than $23B. 2015 pro forma revenue was $7.2B, non-GAAP EBITDA was $1.7B and non-GAAP unlevered free cash flow was $1.3B.
- Under the terms of the transaction, IMS Health shareholders will receive 0.384 of a share of Quintiles common stock for each IMS share. Post merger, they will own ~51.4% of the combined firm while Quintiles shareholders will own ~48.6%.
- Benefits of the deal: revenue growth to accelerate 1 - 2% by the end of year three; $100M per year in cost savings by the end of year three; accretive to non-GAAP EPS in 2017; maintains financial leverage of 4.0x and makes maximum use of both firms' tax assets. The companies intend to refinance certain debt in connection with the transaction.
- The merger should close in H2. The combined company will maintain dual headquarters in Danbury, CT and Research Triangle Park, NC. IMS Health Chairman and CEO Ari Bousbib will head the management team as Chairman and CEO. Quintiles CEO Tom Pike will be Vice Chairman.
- Both companies' management teams will host a conference call this morning at 8:00 am ET to discuss the deal.
Mar. 20, 2015, 7:12 AM
- IMS Health (NYSE:IMS) prices its €275M debt offering that will be used to fund a portion of its previously announced acquisition of certain customer relationship management and strategic data businesses of Cegedim SA.
- The notes will bear interest of 4.125% and will mature on April 1, 2023.
- Previously: IMS Health to float debt to pay for Cegedim assets (March 16)
Mar. 16, 2015, 10:08 AM
- IMH Health Holdings (IMS +1%) intends to raise €275M through the issuance of senior notes due 2023 to finance its acquisition of Cegedim's information solutions and CRM business for €385M ($520M) in cash. Terms and price have yet to be announced.
- Previously: IMS Health buying Cegedim assets for $520M (June 24, 2014)
Jun. 24, 2014, 6:00 PM
- IMS Health (IMS) is buying Cegedim's (CGMJF) information solutions and CRM businesses for €385M ($520M) in cash. The deal is expected to close in early 2015.
- The Cegedim businesses had 2013 revenue of $573M, and adjusted EBITDA of $86. The purchase is expected to be immediately accretive to adjusted EPS.
- IMS +5.1% AH.
May 8, 2014, 9:18 AM
- IMS Health (IMS) acquires Forcea, a Belgian provider of business intelligence applications and analytics. The move advances the firm's capabilities in providing for more effective clinical and cost decisions for medical institutions. No financial terms are disclosed.
Mar. 24, 2014, 4:27 AM
- IMS Health Holdings' (IMS) owners hope to raise $1B in an IPO that would value the company at $7B, the WSJ reports.
- IMS, which provides data on prescriptions, medical claims and sales to healthcare companies, could price its shares at $21 each and carry out the listing within two weeks.
- The IPO looks like it should represent a decent return for investors TPG, Leonard Green and the Canada Pension Plan Investment Board: IMS was taken private in 2010 for $4B. Since then, it has paid $2B in dividends using borrowed money. IMS will use proceeds from the IPO to repay debt.
- ETF: IPO