20th Jan 2023 09:22
(Alliance News) - Emis Group PLC on Friday said it expects its acquisition by UnitedHealth Group Inc to be completed late in the first quarter or early in the second quarter of 2023.
The Leeds-based healthcare software producer said the UK Competition & Markets Authority has confirmed that the the merger notice submitted by Emis meets the applicable requirements, and its phase one investigation period will begin on January 23.
The CMA's inquiry into whether United Health's acquisition of Emis will result in the lessening of competition in the UK has a deadline of March 17.
In June last year, Emis said it had agreed to a GBP1.24 billion takeover offer by Optum Health Solutions UK, which is a subsidiary of Minnesota-based healthcare and insurance firm UnitedHealth.
The company said it performed strongly in 2022, with revenue and adjusted operating profit in line with expectations.
Emis's net cash position was GBP45.9 million at December 31, down 28% from GBP64.0 million a year ago.
Emis shares were down 0.2% trading at 1,868,00 pence per share on Friday morning in London.
By Harvey Dorset, Alliance News reporter
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