Catalyst Health Solutions Inc., SXC Health Solutions Corp. deal

SXC will acquire fellow pharmacy benefit manager Catalyst in a cash and stock deal that values Catalyst at $81.02 per share, or about $4.4 billion. The price is a 28% premium to Catalyst's close of $63.54 on April 17, before the deal was announced.

Catalyst shareholders will receive $28 in cash and 0.6606 SXC shares per Catalyst share. SXC and Catalyst shareholders will own about 65% and 35% of the combined company, respectively. The companies said the deal will result in about $125 million in annual cost synergies over the first 18-24 months after closing. The combined company is expected to have $13 billion in annual revenue. ...