Thoma Bravo Discover Fund IV, managed by Thoma Bravo, L.P. completed the acquisition of NextGen Healthcare, Inc. from shareholders.
The transaction, which was approved unanimously by the NextGen Healthcare Board of Directors, is expected to close in the fourth calendar quarter of 2023, subject to customary closing conditions, including approval by NextGen Healthcare shareholders and the receipt of required regulatory approvals. The transaction is not subject to a financing condition. As per filling on October 20, 2023, The applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended in connection with the Merger expired at 11:59 p.m. Eastern Time on October 19, 2023. As per filling on November 7, 2023, NextGen Healthcare stakeholder approve the transaction.
Morgan Stanley & Co. LLC is acting as financial advisor and fairness opinion provider to NextGen Healthcare, and Michael Treska, Darren Guttenberg, Holly Bauer, Laura Szarmach, Sam Weiner, Josh Holian, Britton Davis, David Kuiper, Jason Bosworth, Nathan Whitaker, Betty Pang and Heather Deixler of Latham & Watkins LLP is acting as legal advisor to NextGen Healthcare. William Blair & Company is acting as financial advisor to Thoma Bravo, and David E. Johanson, Joshua M. Zachariah, James Ding, Deborah S. Birnbach, James A. Matarese, Folake Ayoola, Dylan S. Brown, Elizabeth L. Jordan, Andrew Lacy, Elliot Silver, Kelsey Lemaster, Andy Barton, Eric D. Roth, Philip B. Baldwin, Joel E. Lehrer, Jacob R. Osborn, Jacqueline Klosek, L. Judson Welle, Nathan J. Brodeur, Katrina Solomatina, James P.C. Barri, Liza Craig, Jonathan Ishee, Allison DeLaurentis, Miranda Hooker, Abhishek Krishnan and Ananth Lakshman of Goodwin Procter LLP is acting as legal advisor to Thoma Bravo. Ann Beth Stebbins of Skadden, Arps, Slate, Meagher & Flom LLP represented Morgan Stanley & Co. LLC as financial advisor to NextGen Healthcare, Inc. NextGen will pay Morgan Stanley an aggregate fee of approximately $29 million, approximately $5 million of which was earned following delivery of the opinion. MacKenzie Partners, Inc. is acting as proxy solicitation agent for NextGen Healthcare for a fee of approximately $20,000. Computershare Trust Company, National Association is the transfer agent for shares of NextGen Healthcare.
Thoma Bravo Discover Fund IV, managed by Thoma Bravo, L.P. completed the acquisition of NextGen Healthcare, Inc. (NasdaqGS:NXGN) from shareholders on November 9, 2023. Oak Hill Advisors served as a Lead Arranger for the acquisition financing to support Thomas Bravo in the transaction, the transaction was financed with a unitranche term loan and revolving credit facility.