(Bloomberg) -- EQT Partners agreed to sell health-survey business Press Ganey Associates Inc. to a private equity consortium led by Ares Management Corp. and Leonard Green & Partners.
The transaction is expected to close in the third quarter, the companies said in a statement Tuesday, confirming an earlier Bloomberg News report. Financial terms weren't disclosed. A deal could value the business at more than $4 billion, people familiar with the matter said earlier.
EQT is exiting the business following a sale process over the past couple months, the people said, asking not to be identified because the matter is private. Barclays Plc and Goldman Sachs Group Inc. advised Press Ganey on the deal.
Press Ganey provides surveys that hospitals use to measure patient satisfaction and the quality of care. It also helps health-care providers analyze and improve their services. EQT took the company private in 2016 in a $2.3 billion deal. The company has about $1.2 billion in debt, according to data compiled by Bloomberg.
--With assistance from Gillian Tan.
To contact the reporters on this story: Nabila Ahmed in New York at nahmed54@bloomberg.net;Davide Scigliuzzo in New York at dscigliuzzo2@bloomberg.net
To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, ;Natalie Harrison at nharrison73@bloomberg.net, Ben Scent, Amy Thomson
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