WebMD To Be Sold To California Online Media Company
Internet Brands, a company controlled by global investment firm Kohlberg Kravis Roberts, will take over the popular medical information website.
Los Angeles Times:
KKR's Internet Brands Plans To Buy WebMD In A $2.8-Billion Deal
WebMD has found a remedy for its volatile business: A $2.8-billion sale to El Segundo online media company Internet Brands. The Internet’s leading destination for information about rashes, coughs and other ailments has gone through mergers and sales multiple times since its founding in the late 1990s. But investors made a fresh case for a deal earlier this year, contending that being at the cross-section of healthcare and the Internet should be more valuable than what traders were paying for WebMD shares on the stock market. (Dave, 7/24)
The Washington Post:
WebMD Health To Be Sold To A KKR Company For $2.8 Billion
Stockholders of the New York-based health information provider would get $66.50 per each share in cash, a 20 percent premium of the Friday closing price of $55.19, before the deal was announced, and a 30 percent premium over the share price on Feb. 15, the day before the company said it would consider a buyout. The stock closed Monday at $66.10 a share. (Radu, 7/24)