GE Healthcare is selling a portion of its healthcare information technology lines to Veritas Capital, a private equity investment firm, in a deal valued at $1.05 billion.

The New York-based parent company of the healthcare unit announced the move late Monday morning, saying the deal includes its enterprise financial management business (including revenue cycle and Centricity Business); ambulatory care management line (Centricity Practice Solution) and workforce management line (formerly API Healthcare. The product lines are a part of GE Healthcare’s Value-Based Care Division.

The transaction is expected to close during the third quarter of 2018, subject to customary closing conditions and regulatory approvals.

GE Healthcare is the $19 billion healthcare business of GE. The unit still is a leading provider of medical imaging equipment, with a track record of more than 100 years in the industry and more than 50,000 employees across 100 countries.

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“Our team has significant knowledge and expertise in the healthcare IT space,” says Jon Zimmerman, vice president and general manager of value-based care solutions at GE Healthcare. “By operating as a standalone business under Veritas’ ownership, we now have the opportunity to further revitalize our product portfolio and pursue complementary acquisitions to better serve patients, providers and payers.”

GE Healthcare executives say the unit will continue to offer HIT solutions in data analytics, command centers, advanced visualization and image management tools.

“We’re confident this business will flourish under Veritas Capital, while GE Healthcare will continue to significantly invest in core digital solutions, such as smart diagnostics, connected devices, AI and enterprise imaging, that will drive precision health for our customers,” says Kieran Murphy, president and CEO of GE Healthcare.

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