The St. Louis Post-Dispatch reported yesterday that Ascension and TowerBrook Capital Partners will invest $200 million in Accretive Health, a Chicago-based medical billing and debt collection firm. Ascension is a Catholic hospital system, and was the first customer for Accretive in 2004, when it was a start up. The deal also gives the investors the option to acquire a majority stake in the company.
Accretive shares climed 40 percent on the news.
As the Post-Dispatch reports, the agreement ends a period of uncertainty for the company, which stood to lose the Ascension business altogether. Under the deal, Ascension will make Accretive the exclusive provider of billing and collection services.
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