08:02 AM EDT, 08/01/2024 (MT Newswires) -- R1 RCM ( RCM ) said Thursday it has agreed to be acquired by investment funds affiliated with TowerBrook Capital Partners and Clayton, Dubilier & Rice, or CD&R, in an all-cash deal worth about $8.9 billion.

Under the deal, TowerBrook and CD&R will acquire all outstanding common stock of R1 RCM ( RCM ) that TowerBrook does not currently own for $14.30 per share, which represents a premium of about 29% to R1 RCM's ( RCM ) unaffected closing price on Feb. 23.

R1 RCM ( RCM ) provides revenue cycle management services to health care organizations.

The transaction is expected to close by the end of the year, subject to customary closing conditions. It is expected to be financed with a combination of committed debt financing and equity from investment funds affiliated with TowerBrook and CD&R.