The Advisory Board Company Stockholders Approve Merger Agreement With Optum
The Advisory Board Company (NASDAQ: ABCO) and Optum announced that, at a special meeting of Advisory Board stockholders held today, stockholders holding a majority of the outstanding shares of the company's common stock voted to approve the adoption of the previously disclosed merger agreement with Optum.
Pursuant to the agreement, Optum will acquire Advisory Board through a merger and, as previously disclosed, Advisory Board will sell its education business to affiliates of Vista Equity Partners prior to the closing of the merger, which is expected to be completed Friday, November 17, 2017.
The agreement combines The Advisory Board Company's industry-leading independent research, strategic health care advisory services, and strong capabilities in analytics with Optum's complementary products and services for the benefit of health care stakeholders. At the same time, Optum's exceptional data analytics resources, operational expertise in delivering large-scale solutions and services and investment capital will strengthen The Advisory Board Company's offerings and enable it to expand more fully into new health care markets while preserving the autonomy and member-driven nature of its research. By developing best-practice solutions and a comprehensive health care-focused advisory business, the combined organization will help its members and clients respond to changing market dynamics and improve the health system for everyone.
"For more than 30 years, Advisory Board's strategic insights have been an important part of the national health care conversation, and we are thrilled to welcome them to Optum," said Larry Renfro, CEO of Optum. "Together, we will be able to offer deeper and more comprehensive solutions to help all segments of the health care industry thrive in this evolving market, while preserving the objectivity and credibility of Advisory Board's industry-leading research."