Our Website Uses Cookies 

We and the third parties that provide content, functionality, or business services on our website may use cookies to collect information about your browsing activities in order to provide you with more relevant content and promotional materials, on and off the website, and help us understand your interests and improve the website.

For more information, please contact us or consult our Privacy Notice.

Your binder contains too many pages, the maximum is 40.

We are unable to add this page to your binder, please try again later.

This page has been added to your binder.

Covington Advises Ascension on $200 Million Investment in Accretive Health

December 8, 2015

NEW YORK, December 8, 2015 - Covington represented Ascension, the nation’s leading Catholic and non-profit health system, in a $200 million investment transaction with TowerBrook Capital Partners in Accretive Health, a leading provider of revenue cycle management services to healthcare providers. The transaction is expected to close in the first quarter of 2016.

Pursuant to a stock purchase agreement, a newly formed investment vehicle owned by Ascension and TowerBrook will receive convertible preferred stock, representing approximately 44% of Accretive’s outstanding shares on an as-converted basis, as well as warrants to acquire up to an additional 60 million shares of Accretive.

Concurrent with signing, Ascension and Accretive announced a long-term strategic partnership, making Accretive the sole revenue cycle provider of Ascension.

The Covington team was led by Stephen Infante, and included Bud Jerke, Scott Naturman and Megan Woodford (corporate), Mark Gimbel, Ran Mukherjee and Emily Freeman (litigation), Seth Safra, Brady McDaniel and Helena Milner-Smith (employee benefits), Rob Heller (tax), Brian Rosenzweig (securities) and Jim O’Connell (antitrust).

Share this article: