WebMD Health Corp. announced an agreement Monday to be acquired by KKR & Co. LP's Internet Brands in a deal valued at $2.8 billion. Under terms of the deal, WebMD shareholders will get $66.50 in cash for each share they own, a 20.5% premium to Friday's closing price of $55.19. The deal is expected to close during the fourth quarter. The deal comes after the health information services company announced in February that it was commencing a process to explore strategic alternatives. "We believe that this transaction will provide additional flexibility and resources to deliver increased value to consumers, healthcare professionals, employers, and health plan participants," said WebMD Chief Executive Steven Zatz. The stock, which is currently halted for news, was up 18% prior to the halt. It has run up 11.3% year to date through Friday, while the SPDR Health Care Select Sector ETF has climbed 17.5% and the S&P 500 has gained 10.4%. KKR's stock has soared 25.9% this year.
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