Group purchasing organization MedAssets has signed a definitive agreement to buy fellow group purchasing organization Broadlane Group for $850 million in cash.
Dallas-based Broadlane Group serves more than 1,100 acute care hospitals and 50,000 nonacute care facilities, while MedAssets of Alpharetta, GA, counts 3,300 hospitals and 40,000 nonacute healthcare providers on its customer list.
Patrick Ryan, Broadlane Group chairman and CEO, will join the MedAssets board of directors and will also become president of the company's Spend Management segment upon completion of the deal.
The transaction is subject to customary closing conditions and regulatory approvals, and is expected to be completed within 60 to 90 days.
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