R1 RCM Inc. (NasdaqGS:RCM) agreed to acquire Cerner RevWorks, LLC from Cerner Corporation (NasdaqGS:CERN) for $30 million on June 2, 2020. Under the terms of agreement, the consideration will be paid in three installments between closing and second anniversary of closing and the consideration is inclusive of working capital and will be financed with cash on balance sheet. As part of the transaction, RevWorks associates will be offered positions with R1. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2020. The acquisition is expected to be accretive to R1's earnings within first year. It is expected to contribute approximately $80 million in annual revenue across more than 150 countries, a steady state adjusted EBITDA margin of 25-30% and shall have minimal effect on R1 leverage levels and net debt/EBITDA ratio. Centerview Partners LLC acted as financial advisor to R1 RCM Inc. A team led by Richard W. Porter Robert M. Hayward, Bradley Reed and included Louis R. Hernande of Kirkland & Ellis LLP acted as legal advisor to R1 RCM Inc. (NasdaqGS:RCM). Greenhill & Co., LLC acted as an advisor to Cerner.

R1 RCM Inc. (NasdaqGS:RCM) completed the acquisition of Cerner RevWorks, LLC from Cerner Corporation (NasdaqGS:CERN) on August 3, 2020.