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July 9, 2010 12:19 PM

Latham, Simpson Nab Roles on $3.1B Secondary LBO

Posted by Zach Lowe

Simpson, Thacher & Barlett and Latham & Watkins took the lead roles in a so-called secondary buyout, in which one consortium of private equity firms agreed to sell the health care business MultiPlan Inc. to a second consortium of PE firms, according to lawyers familiar with the matter. The deal values MultiPlan, a preferred provider organization, at about $3.1 billion, according to reports from The Wall Street Journal and Bloomberg.

MultiPlan, like other PPOs, produces lists of medical providers for insurers. Its clients include Cigna, Aetna, and UnitedHealth, according to the WSJ. 

Simpson Thacher advised the buyers, the PE duo of BC Partners and Silver Lake Partners, the firm said. William Dougherty, the lead partner on the matter, did not immediately respond to requests for comment. Simpson has a long history with Silver Lake, including a lead role in the year's largest LBO so far--the $3.4 billion buyout of Interactive Data Corp. by Silver Lake and Warburg Pincus, according to our archives. 

Daniel Lennon led the Latham team that advised the sellers--the PE firms Carlyle Group and Welsh, Carson, Anderson & Stowe. The representation is a good sign that Latham's PE business has survived--at least in part--the 2008 departure of R. Ronald Hopkinson, the former chair of Latham's PE practice who left for a similar role at Cadwalader, Wickersham & Taft. Carlyle and Welsh were among Hopkinson's major clients, according to our archives. 

Lennon did not immediately return a call seeking comment. 

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