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McKesson Corp. to pay $90M for Portico Systems

Wed, 06/22/2011 - 2:45pm
The Associated Press

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.

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