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IMS Health Share Sale Complete
US-based healthcare data giant IMS Health has closed its secondary public offering of approximately 58 million shares of common stock by existing shareholders, at a price to the public of $27.50 per share.
The shares were sold by shareholders affiliated with investment firms TPG Global, LLC, Canada Pension Plan Investment Board (CPPIB) and Leonard Green & Partners, L.P., and around 11.1m of them were repurchased by IMS itself at a price of $27.0875 each - the midpoint between the public offering price and the price to the selling shareholders. The company did not offer any stock or receive any proceeds from the sale of the shares. The total value of shares sold would have been around $1.59bn.
IMS Health was taken private in March 2010 by TPG Capital and CPPIB, who paid $5.2bn. The company's IPO, first announced in March last year, was completed the following month, raising $1.3bn and valued the company at around $6.64bn. Shares rose by 15 per cent from $20 to $23 on debut; and are now trading just above $29, giving a market cap of $9.55bn, comparing with $16.8bn for Nielsen.
IMS' 2014 results showed a revenue rise of 5.9%, on a constant currency basis, to $2,641m; and adjusted EBITDA up 9.5%. During the year, IMS decided to acquire information solutions and CRM businesses from Cegedim to the tune of EUR 385m (then $520m) in cash.
Web site: www.imshealth.com .
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