Navigation Links
HLTH Corporation Announces Agreement to Sell Porex Unit to Aurora Capital Group for $142 Million
Date:9/18/2009

ELMWOOD PARK, N.J., Sept. 18 /PRNewswire-FirstCall/ -- HLTH Corporation (Nasdaq: HLTH) today announced that it has entered into a definitive agreement to sell its Porex segment to affiliates of Aurora Capital Group, a Los Angeles based private equity firm, for $142 million. The closing is expected in the fourth quarter and is subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Act.

The purchase price of $142 million consists of $74.5 million in cash payable at closing and $67.5 million in senior secured debt. The $67.5 million in senior secured debt accrues interest at a rate of 8.75% per annum paid quarterly. The principal is to be paid down by $10 million per year on the anniversary of the closing for each of the first three years and by a final payment of $37.5 million on the fourth anniversary of the closing. The debt will be secured by the assets of Porex Corporation.

Porex develops, manufactures and distributes porous plastic products and components used in healthcare, industrial and consumer applications. Porex's customers include both end-users of its finished products, as well as manufacturers that include its components in their products. Porex is an international business with manufacturing operations in North America, Europe and Asia and customers in more than 75 countries.

HLTH previously announced its intent to sell Porex and has been reflecting Porex as discontinued operations in its financial statements.

In connection with the sale of Porex, Jefferies & Company, Inc. acted as HLTH's exclusive financial advisor and Shearman & Sterling LLP acted as HLTH's legal advisor.

About HLTH

HLTH Corporation (Nasdaq: HLTH) owns approximately 83% of WebMD Health Corp. (Nasdaq: WBMD). WebMD is the leading provider of health information services, serving consumers, physicians, healthcare professionals, employers and health plans through its public and private online portals and health-focused publications. HLTH also owns Porex, a developer, manufacturer and distributor of porous plastic products and components used in healthcare, industrial and consumer applications.

About AURORA CAPITAL GROUP

Aurora is a Los Angeles-based private equity firm managing over $2.0 billion that utilizes two distinct investment strategies. Aurora Equity, which has entered the Porex agreement, focuses principally on control investments in middle-market industrial, manufacturing and selected service oriented businesses, each with a leading position in sustainable niches, a strong cash flow profile, and actionable opportunities for both operational and strategic enhancement. Aurora Resurgence invests in debt and equity securities of middle-market companies and targets complex situations that are created by operational or financial challenges either within a company or a broader industry. For more information about Aurora Capital Group, visit www.auroracap.com or www.aurorares.com.

All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including those regarding matters related to the closing of the sale transaction described in this press release (the "Sale Transaction"). These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements, including risks and uncertainties regarding: changes in financial markets; changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet, information technology and plastics industries; and changes in facts and circumstances and other uncertainties concerning the completion of the Sale Transaction. Further information about these matters can be found in our Securities and Exchange Commission filings. Except as required by applicable law or regulation, we do not undertake any obligation to update our forward-looking statements to reflect future events or circumstances.

WebMD(R), WebMD Health(R) and POREX(R) are trademarks of HLTH Corporation or its subsidiaries.


'/>"/>
SOURCE HLTH Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Johnson & Johnson and Elan Corporation plc Announce Closing of Transaction Related to Alzheimers Immunotherapy Program and Equity Investment
2. DURECT Corporation to Participate in Upcoming Healthcare Conferences
3. Neogen Corporation Announces 1st Quarter Results Conference Call
4. CEL-SCI Corporation to Raise $20 Million in Registered Direct Offering
5. Hospital Corporation of America Recognized by InformationWeek as One of Nations Most Innovative Users of Business Technology
6. United American Healthcare Corporation Announces Release Date for Fiscal 2009 Fourth Quarter and Full Year Results
7. Patriot Scientific Corporation Announces Alcon Inc.s Purchase of a Moore Microprocessor Patent(TM) Portfolio License
8. Select Medical Holdings Corporation Commences Initial Public Offering of Common Stock
9. Zix Corporation and Humana Renew and Expand Exclusive Agreement
10. Dr. David Okrongly Appointed CEO of Quanterix Corporation
11. CEL-SCI Corporation Announces Elimination of $8.3 Million Convertible Notes
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/22/2017)... ... July 22, 2017 , ... ... the majority of patients not requiring pain medication after three months post-operatively. However, ... Annual Meeting today in Toronto, Ontario, Canada found that those patients who ...
(Date:7/21/2017)... ... July 21, 2017 , ... The Ellis Agency, an eastern ... Epilepsy Foundation in a community wide charity event with the goal of bringing in ... young local woman who lives with epilepsy, recently launched a charity campaign of her ...
(Date:7/21/2017)... ... July 21, 2017 , ... Thomas ... of Witness , was awarded a $300,000 grant from The Pew Center for ... comfort with ambiguity and the recognition of one’s own limits among health professions ...
(Date:7/21/2017)... ... July 21, 2017 , ... ... $5,000 grant from the C. R. Bard Foundation, Inc. to support ... Hills , a service available through the nonprofit home care agency. Using evidence-based ...
(Date:7/21/2017)... ... July 21, 2017 , ... In the ... from the Multicenter Orthopaedics Outcome Network (MOON) demonstrated that patients could perform sports-related ... though activity levels decline over time. The study, presented today at the ...
Breaking Medicine News(10 mins):
(Date:7/12/2017)... July 12, 2017 CarpalAID is a revolutionary new product ... surgery. Carpal tunnel syndrome affects more than 8 million ... the rate of men. The common methods of treating CTS are ... uncomfortable hand braces or gloves. ... CarpalAID is a clear patch worn on ...
(Date:7/11/2017)... Corp., also known as ,The Epigenetics Company, announced today the release of ... using the myDNAge ™ test. Based on Horvath,s Clock, so named ... biostatistics at the David Geffen School of Medicine at UCLA ... ™ technology is used to analyze DNA methylation patterns of over ... Epigenetic ...
(Date:7/11/2017)... -- The global market for liquid biopsy diagnostic and monitoring ... 2016.  Although in early stages, the global market has ... a result of the gradual shift towards personalized medicine ... a significant number of new liquid biopsy tests that ... to guide treatment decisions. ...
Breaking Medicine Technology: