Machinify, a portfolio company of New Mountain Capital, is set to acquire Performant Healthcare for $670m. Performant shareholders will receive $7.75 per share, a 139% premium. New Mountain Capital aims to modernize US healthcare infrastructure with this merger. The deal is expected to be finalized by year-end pending shareholder and regulatory approval.

Machinify CEO David Pierre believes the merger will create a modern healthcare payments intelligence platform, supporting various clients including government agencies. Performant will continue normal business operations until the deal closes. Legal counsel is provided by Pillsbury Winthrop Shaw Pittman for Performant and Ropes & Gray for Machinify, with financial advisory from Truist Securities and JP Morgan Securities respectively.

Read more at Yahoo Finance: Machinify to acquire Performant Healthcare for $670m