M&A TRANSACTION · 2021
Change Healthcare, Inc. acquired by Optum, Inc.
$13.72B· 13.8x EBITDA· 4.50x revenue
Target
Change Healthcare, Inc.
United States and Canada
Change Healthcare Inc. operates as an independent healthcare technology company and provides data- and analytics-driven solutions to enhance clinical, financial, administrative, and patient engagement outcomes in the United States healthcare system. It operates through three segments, including software and analytics, network solutions, and technology-enabled services. The software and analytics segment offers software and analytics solutions for revenue cycle management, provider network manage
Acquirer
Optum, Inc.
Strategic buyer
Disclosed financials at time of acquisition
Revenue
$3075.0M
EBITDA
$996.0M
Deal Value
$13.72B
EV/EBITDA
13.8x
Context
This $13.72B acquisition of Change Healthcare, Inc. by Optum, Inc. sits in the healthtech sub-vertical. The 13.8x EBITDA multiple paid in 2021 can be compared against the population median for healthtech transactions of similar size on our Healthtech valuation hub. Optum, Inc. is acquiring as a strategic buyer; see how strategic acquirers typically price healthtech businesses on our Healthtech strategic buyer-pool page.
Source
Data sourced from SEC Fairness Opinion — primary source. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology
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