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MedAssets (MDAS) Stock Gains on Sale to Pamplona Capital Management

NEW YORK (TheStreet) -- Shares of MedAssets (MDAS - Get Report) were gaining 29.8% to $30.74 with heavy trading volume on Monday following the announcement that private equity firm Pamplona Capital Management will acquire the health care consulting firm for $2.7 billion in cash.

Pamplona will pay $31.35 a share in cash to acquire MedAssets. The price represents a 44.5% premium to the 30-day trading volume weighted average price of MedAssets' stock.

The deal is expected to close in the first quarter of 2016.

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Following the acquisition, Pamplona will combine MedAssets' Revenue Cycle Management segment with Precyse, a health information management services company it owns. MedAssets and Precyse already have a strategic partnership and share a number of customers, according to Pamplona.

"Over the last year, our progress captured the attention of outside parties, and we received a number of unsolicited inquiries expressing interest in acquiring MedAssets," Chairman and CEO R. Halsey Wise said in a statement. "Our board of directors and executive leadership team conducted a...