=WebMD Health (WBMD) to be acquired by KKR (KKR) for $66.50/share

WebMD Health confirms agreement to be acquired by KKR (KKR) for $66.50/share in cash :

• Under the terms of the agreement, a subsidiary of Internet Brands will commence a tender offer in the next 10 business days to acquire all of the issued and outstanding shares of WebMD common stock for $66.50/share to be paid in cash upon completion of the transaction.  The transaction is valued at ~$2.8 bln.
• The WebMD Board of Directors approved the merger agreement.
• The acquisition is expected to close during Q4 of 2017. 
• Equity financing for the transaction is being provided primarily by KKR's private equity funds.
• "After a thorough review of strategic alternatives, we are pleased to announce this transaction, which provides our stockholders with immediate and significant cash value and a substantial premium," said Martin J. Wygod, Chairman of WebMD. "Throughout this process, our Board has conducted diligent analysis and thoughtful deliberations. WebMD and its financial advisors had a process that involved outreach to more than 100 strategic and financial parties, and we are confident that this transaction maximizes value for our stockholders."