Shareholders of Newport Beach’s TriZetto Group Inc. voted to approve the company’s acquisition by private equity firm Apax Partners Inc.
Nearly all, 99.8%, of shareholders voted for the acquisition with a handful voting against or abstaining. The deal is set to close soon.
“With this shareholder approval, we can focus on completing the financing and moving towards a targeted closing of this transaction as expeditiously as possible,” Chief Executive Jeff Margolis said.
The healthcare software maker agreed to be taken private by New York’s Apax in a $1.4 billion buyout offer in April that valued the company at a 25% premium on its share price.
The acquisition was delayed by lawsuits filed by TriZetto shareholders over UBS AG’s financial interest in the deal.
UBS, TriZetto’s adviser on the buyout, is set to earn about $14 million from the deal related to warrants that convert to TriZetto stock, according to an SEC filing.
A Delaware judge recently rejected most of the lawsuit claims and deemed the acquisition process fair and comprehensive.
TriZetto recently settled the remaining shareholder lawsuits.
