GIC-Led Investor Group’s $17 Billion Acquisition of Athenahealth

Dechert advised GIC on the deal, while Kirkland & Ellis represented Bain Capital and Hellman & Friedman. Milbank LLP advised Veritas Capital.

GIC, the sovereign wealth fund of Singapore, announced the US$17 billion entry into a definitive agreement to acquire athenahealth, a leading provider of cloud-based enterprise software solutions for medical groups and health systems nationwide.

GIC is part of an investor group that includes Hellman & Friedman, Bain Capital Private Equity and Bain Capital Tech Opportunities. Veritas Capital and Evergreen Coast Capital will each retain a minority investment in athenahealth.

Hellman & Friedman is a preeminent global private equity firm founded in 1984 with a distinctive investment approach focused on large-scale equity investments in high quality growth businesses.

The Dechert team advising GIC included corporate partners Bernardo Piereck (Picture), Mark Thierfelder and Sam Whittaker and associate Juan Zambon; international trade and government regulation associate Hrishikesh Hari; tax partner Joshua Milgrim and associate Christian Pritchett; and antitrust partner Clemens Graf York von Wartenburg and counsel Michael Okkonen. 

The Kirkland team was led by corporate partners Matthew O’Brien and Chris Elder along with corporate associates Zoe Quick and Ben Vizvary; debt finance partners Melissa Hutson, David Nemecek, Yuli Wang and Austin Glassman; capital markets partners Sophia Hudson and Julia Danforth; tax partners Mike Carew and Christine Lehman; corporate partners Rick Campbell, Jeff Richards and Abhishek Kolay; technology & IP transactions partners Gianni Cutri, Vlad Khodosh and Jeffrey Seroogy; employee benefits partner Alexandra Mihalas and associate Emily Morrison; employment and labor partner Richard Kidd and associate Madeline Klebanov; executive compensation partner Scott Price and associate Deidre Kalenderian; environmental transactions partner Toby Chun and associate Carter Vella; real estate partner Rob Miceli and associate Seth Berliner; international trade and national security partners Ivan Schlager, Nathan Mitchell, Daniel Gerkin and Nick Niles; antitrust partners Jim Mutchnik, Peter McCormack, Paula Riedel and Annie Herdman; and ESG & impact partners Alexandra Farmer and Sara Orr and associate Maddy Foote.

The Milbank deal team was led by Global Corporate partner Richard Presutti, along with associates Lowell Dyer and Bianca Prikazsky. The team also included Global Capital Markets partner Antonio Diaz-Albertini, Executive Compensation and Employee Benefits partner Mike Shah and Tax partner Max Goodman.

Involved fees earner: Clemens Graf York von Wartenburg – Dechert; Hrishikesh Hari – Dechert; Joshua Milgrim – Dechert; Michael Okkonen – Dechert; Bernardo Piereck – Dechert; Christian Pritchett – Dechert; Mark Thierfelder – Dechert; Sam Whittaker – Dechert; Juan Bautista Zambon – Dechert; Seth Berliner – Kirkland & Ellis; Richard Campbell – Kirkland & Ellis; Mike Carew – Kirkland & Ellis; Toby Chun – Kirkland & Ellis; Gianni Cutri – Kirkland & Ellis; Julia Danforth – Kirkland & Ellis; Christopher Elder – Kirkland & Ellis; Alexandra Farmer – Kirkland & Ellis; Madeleine Foote – Kirkland & Ellis; Daniel Gerkin – Kirkland & Ellis; Austin Glassman – Kirkland & Ellis; Annie Herdman – Kirkland & Ellis; Sophia Hudson – Kirkland & Ellis; Melissa Hutson – Kirkland & Ellis; Deidre Kalenderian – Kirkland & Ellis; Vladimir Khodosh – Kirkland & Ellis; Richard Kidd – Kirkland & Ellis; Madeline Klebanov – Kirkland & Ellis; Abhishek Kolay – Kirkland & Ellis; Christine Lehman – Kirkland & Ellis; Peter McCormack – Kirkland & Ellis; Roberto Miceli – Kirkland & Ellis; Alexandra Mihalas – Kirkland & Ellis; Nathan Mitchell – Kirkland & Ellis; Emily Morrison – Kirkland & Ellis; James Mutchnik – Kirkland & Ellis; David Nemecek – Kirkland & Ellis; Nick Niles – Kirkland & Ellis; Matthew O’Brien – Kirkland & Ellis; Scott Price – Kirkland & Ellis; Zoe Quick – Kirkland & Ellis; Jeffrey Richards – Kirkland & Ellis; Paula Riedel – Kirkland & Ellis; Ivan Schlager – Kirkland & Ellis; Jeffrey Seroogy – Kirkland & Ellis; Carter Vella – Kirkland & Ellis; Benjamin Vizvary – Kirkland & Ellis; Yuli Wang – Kirkland & Ellis; Sara Orr – Latham & Watkins; Antonio Diaz-Albertini – Milbank LLP; Lowell Dyer – Milbank LLP; Max Goodman – Milbank LLP; Richard Presutti – Milbank LLP; Bianca Prikazsky – Milbank LLP; Mike Shah – Milbank LLP;

Law Firms: Dechert; Kirkland & Ellis; Latham & Watkins; Milbank LLP;

Clients: Bain Capital; GIC Private Limited; Hellman & Friedman; Veritas Capital ;