Evolent Health will borrow $225 million credit facility for acquisition

Chicago, June 29 – Evolent Health, Inc. announced that it will borrow $225 million in the form of a credit facility from Ares Management for its upcoming acquisition of IPG, a company that provides surgical management solutions for musculoskeletal conditions, according to a press release.

Evolent is buying IPG from TPG Growth for $375 million plus an additional contingent consideration of up to $87 million.

A $250 million portion of the purchase price will be in cash, with $25 million coming from cash on hand.

The balance of the upfront consideration will be in the form of newly issued Evolent common shares.

The acquisition is expected to close in the third quarter of 2022.

Arlington, Va.-based Evolent partners with health care providers to implement value-based care.

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