McKesson Corp. to pay $90M for Portico Systems
Health information technology company McKesson Corp. said Wednesday it signed a deal to buy Portico Systems, a privately held company that specializes in provider network management.
McKesson, which is based in San Francisco, will pay $90 million in cash for Portico, with $5 million of that tied to achieving performance milestones, said Safeguard Scientifics Inc. Wayne, Pa.-based Safeguard expects to receive about $38 million due to its equity interest in Portico.
Safeguard also said $2 million of that will be tied to milestones, and it will be repaid all amounts owed under its $5 million mezzanine debt facility with Portico.
McKesson said the parties expect to complete the deal in the third quarter.
Shares of McKesson fell 70 cents to $83.11. Safeguard stock rose 7 cents to $18.87.