Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 4 of Short Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 4

Description of the concentration

This notification relates to a proposed concentration pursuant to Article 4 of the Merger Regulation pursuant to which investment funds affiliated with TowerBrook Capital Partners L.P. (“TCP”, USA) and Clayton, Dubilier & Rice (“CD&R”, USA) will acquire indirectly joint control within the meaning of Article 3(1)(b) of the Merger Regulation over the whole of R1 RCM Inc. (“R1”, USA, together with CD&R and TCP, the “Parties”) (the “Proposed Transaction“).

Upon completion of the Proposed Transaction, R1 will become a private company and its shares will no longer trade on Nasdaq.

As of today, TCP controls R1 within the meaning of the Merger Regulation, together with New Mountain Capital, L.L.C. As such, post-Proposed Transaction, R1 will change from being jointly controlled by TCP and New Mountain Capital to being jointly controlled by TCP and CD&R by virtue of various key strategic veto rights over the activities of R1.

The business activities of the undertakings concerned are the following:

• TCP: providing investment opportunities to clients in large and middle market European and North American companies across a variety of sectors, including consumer goods, financial services, healthcare, technology/media/telecom (TMT).

• CD&R is a private equity investment group based in the U.S., which originates structures and frequently acts as lead equity investor in management buyouts, strategic minority equity investments and other strategic investments in a variety of economic sectors.

• R1 provides technology-driven solutions that transform the financial performance and patient experience for health systems, hospitals, and physician groups in the USA.

Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111