nThrive’s $1.7 Billion Acquisition of TransUnion Healthcare

Latham & Watkins represented TransUnion in the transaction while Sidley advised nThrive.

TransUnion (NYSE: TRU) has signed a definitive agreement to sell TransUnion Healthcare, Inc. to nThrive, Inc., a leading healthcare revenue cycle management software-as-a-service platform backed by Clearlake Capital Group, L.P. The transaction consideration is US$1.735 billion in cash. The parties are targeting to close the transaction in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions and regulatory approvals.

TransUnion is a global information and insights company that makes trust possible in the modern economy. TransUnion Healthcare, a wholly owned subsidiary of TransUnion, makes trust possible by creating simplicity and transparency throughout the healthcare ecosystem to improve health and financial outcomes. TransUnion Healthcare is expected to generate approximately $190 million of revenue in 2021 at a mid-40 percent Adjusted EBITDA margin. 

nThrive provides a one-stop solution using end-to-end, integrated pre-and post-adjudication workflow tools that offer revenue cycle management, the point of sale collection, charge integrity solutions, health care recovery and collections, denial management, claims management and billing management, enabling clients to transform financial and operational performance.

Latham & Watkins represented TransUnion in the transaction with a M&A deal team led by Chicago partners Jonathan Solomon (Picture) and Nathan Davis, with associates William Nahill, Tyler Neal, Tara Nair, Dalton Powell, and Jay Trewn. Advice was also provided on securities law matters by Chicago partners Cathy Birkeland and Alexa Berlin, with associate Ryan Hudson; on executive compensation, employment, and benefits matters by Los Angeles partner David Taub and Chicago partner Nineveh Alkhas, with associate Harrison Taylor; on intellectual property matters by New York partner Jeffrey Tochner, with associates Pelin Serpin and Nancy Zhu; on tax matters by Chicago partner Rene de Vera, with associate Ariel Redlich; on data privacy and security matters by Washington, D.C. partner Jennifer Archie, with associate James Smith; on finance matters by Washington, D.C. partner Jennifer Van Driesen; on environmental matters by Chicago partner Karl Karg; on real estate matters by associate John Jefferson; on antitrust matters by Washington, D.C. partner Amanda Reeves and Washington, D.C. counsel Patrick English, with associate Sophia Bertran; on compliance matters by Chicago partner Meredith Monroe, with associate Andrew Galdes; and on healthcare compliance matters by Bay Area counsels Betty Pang and Heather Deixler, with associates Yanyan Zhou, Felicia Alexander, Leia Gu, Samuel Wang, and Chad Leiper.

The Sidley deal team is led by Mehdi Khodadad and Nicolai Schwarz-Gondek (M&A and Private Equity), and includes Avni Mehta, Max Chaffetz, and Eric Marshall (M&A and Private Equity). Nicholas Schwartz (Global Finance) is leading the debt financing for the transaction with support from Julie Ann Rosenberg, Marc Weinstein, and Daniel Ulman (Global Finance). The Sidley deal team also includes Eric Kauffman and Emily Wajert (Employment); Glenn Nash, Dusan Clark, and Kyle Barnett (Technology and IP Transactions); Stacy Crosnicker and Sarah Recktenwald (Employee Benefits and Executive Compensation); Rachel Kleinberg and Jonathan Westreich (Tax); Karen Kazmerzak, Ken Daly, Elizabeth Chen, and Jakob Dewispelaere (Antitrust/Competition); Sven De Knop, Alessandra Moroni, and Maryanne Kamau (International Trade); Eric Schwartz and Isaac Green (Litigation); Timothy Payne (Immigration); Scott Goldstein (Insurance); Sujit Raman and Sheri Porath Rockwell (Privacy and Cybersecurity); and John Van De Weert (Banking and Financial Services).

Involved fees earner: Felicia Alexander – Latham & Watkins; Nineveh Alkhas – Latham & Watkins; Jennifer Archie – Latham & Watkins; Alexa Berlin – Latham & Watkins; Sophia Bertran – Latham & Watkins; Cathy Birkeland – Latham & Watkins; Nathan Davis – Latham & Watkins; Enrique Rene de Vera – Latham & Watkins; Heather Deixler – Latham & Watkins; Patrick English – Latham & Watkins; Andrew Galdes – Latham & Watkins; Leia Gu – Latham & Watkins; Ryan Hudson – Latham & Watkins; John Jefferson – Latham & Watkins; Karl Karg – Latham & Watkins; Chad Leiper – Latham & Watkins; Meredith Monroe – Latham & Watkins; William Nahill – Latham & Watkins; Tara Nair – Latham & Watkins; Tyler Neal – Latham & Watkins; Betty Pang – Latham & Watkins; Dalton Powell – Latham & Watkins; Ariel Redlich – Latham & Watkins; Amanda Reeves – Latham & Watkins; Pelin Serpin – Latham & Watkins; James Smith – Latham & Watkins; Jonathan Solomon – Latham & Watkins; David Taub – Latham & Watkins; Harrison Taylor – Latham & Watkins; Jeffrey Tochner – Latham & Watkins; Jennifer Van Driesen – Latham & Watkins; Samuel Wang – Latham & Watkins; Yanyan Zhou – Latham & Watkins; Nancy Zhu – Latham & Watkins; Kyle Barnett – Sidley Austin LLP; Max Chaffetz – Sidley Austin LLP; Elizabeth Chen – Sidley Austin LLP; Dusan Clark – Sidley Austin LLP; Stacy Crosnicker – Sidley Austin LLP; Ken Daly – Sidley Austin LLP; Sven De Knop – Sidley Austin LLP; Jakob Dewispelaere – Sidley Austin LLP; Scott Goldstein – Sidley Austin LLP; Isaac Greaney – Sidley Austin LLP; Maryanne Kamau – Sidley Austin LLP; Eric Kauffman – Sidley Austin LLP; Karen Kazmerzak – Sidley Austin LLP; Mehdi Khodadad – Sidley Austin LLP; Rachel D. Kleinberg – Sidley Austin LLP; Avni Mehta – Sidley Austin LLP; Alessandra Moroni – Sidley Austin LLP; Glenn Nash – Sidley Austin LLP; Timothy Payne – Sidley Austin LLP; Sujit Raman – Sidley Austin LLP; Sarah Recktenwald – Sidley Austin LLP; Sheri Porath Rockwell – Sidley Austin LLP; Julie Ann Rosenberg – Sidley Austin LLP; Nicholas Schwartz – Sidley Austin LLP; Eric Schwartz – Sidley Austin LLP; Nicolai Schwarz-Gondek – Sidley Austin LLP; Daniel Ulman – Sidley Austin LLP; John Van De Weert – Sidley Austin LLP; Emily Wajert – Sidley Austin LLP; Jonathan Westreich – Sidley Austin LLP;

Law Firms: Latham & Watkins; Sidley Austin LLP;

Clients: nThrive, Inc.; TransUnion;