Investment firm Blackstone Capital Partners will acquire approximately 70 percent of revenue cycle management firm Emdeon Business Services for $3 billion.

The companies expect the acquisition to close during 2011 and senior management will remain in place at Emdeon. The Wall Street Journal a week ago first reported the acquisition talks, sparking a run-up in Emdeon's stock value on July 27. Emdeon became a publicly traded company in August 2009 during one of the few IPOs conducted that year. The IPO raised $367 million ,with Emdeon receiving net proceeds of $155.4 million. The company will now return to being a privately held firm.

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