Starr, Partners to Purchase MultiPlan for $4.4 Billion
Maurice "Hank" Greenberg's Starr Investment Holdings agreed to buy Multiplan Inc., which manages insurance claims on behalf of large insurers, from two private equity firms.
INN Breaking News, February 18, 2014
(Bloomberg) -- Maurice “Hank” Greenberg’s Starr Investment Holdings agreed to buy Multiplan Inc., which manages insurance claims on behalf of large insurers, from two private equity firms.
Starr teamed up with Partners Group AG of Switzerland to purchase Multiplan from BC Partners Ltd. and Silver Lake Management LLC, the firms said in a statement today.
The purchase price is about $4.4 billion, according to two people with knowledge of the transaction who asked not to be identified because they weren’t authorized to speak publicly. The two private equity firms purchased Multiplan for about 2.5 billion euros ($3.4 billion) in 2010. Officials at Starr and Multiplan didn’t immediately return calls seeking comment.
“With the investment led by Starr and Partners Group, we have the long-term capital, strategic support and collective set of relationships to further grow our company,” Multiplan CEO Mark Tabak said in the statement.
Starr Investment Holdings, an investment firm, forms part of Starr Companies, which is headed by Greenberg, the former chairman of American International Group Inc.
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