A&O advises alongside US trio on $1.3bn software company stake sale
Allen & Overy (A&O) has taken a lead role alongside a trio of US firms on a $1.3bn (£900m) deal which will see tech company Misys offload its healthcare software portfolio in the US. The deal, which also handed roles to US firms Sidley Austin, King & Spalding and Winston & Strawn, will see Misys sell the majority of its 55% stake in US healthcare software company Allscripts to rival provider Eclipsys.
June 10, 2010 at 07:18 AM
2 minute read
Allen & Overy (A&O) has taken a lead role alongside a trio of US firms on a $1.3bn (£900m) deal which will see tech company Misys offload its healthcare software portfolio in the US.
The deal, which also handed roles to US firms Sidley Austin, King & Spalding and Winston & Strawn, will see Misys sell the majority of its 55% stake in US healthcare software company Allscripts to rival provider Eclipsys.
A&O's team was led by New York corporate partner Peter Harwich, alongside tax partner Dave Lewis. The magic circle firm also advised on UK aspects of the deal with a City team led by corporate partners George Knighton and Gillian Holgate.
The deal will give Misys a more homogenous platform, principally focused on software for financial institutions. The company will use the proceeds of the sale to pay off £75m of debt, while the remainder will go to the company's shareholders.
Sidley Austin advised Allscripts, with a team led by Chicago-based M&A partner Gary Gerstman and the firm's co-head of M&A and private equity Fred Lowinger.
Eclipsys, meanwhile, instructed King & Spalding, with a team led by Atlanta-based corporate partner Jack Capers and M&A head Bill Baxley. The deal also handed a role to Sidley Austin, with the US firm advising the independent audit committee of Allscripts.
The deal is subject to shareholder approval.
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