NEW YORK, Feb. 17 (UPI) -- An investment group led by former AIG executive Maurice Greenberg announced Monday it acquired healthcare cost management company MultiPlan.
The acquisition by the investor group of led by C.V. Starr & Co. affiliate and Swiss investment firm Partners Group is valued at $4.4 billion, people knowledgeable about the deal told the New York Times.
The Times said the deal is the latest step by C.V. Starr of New York and its Starr Investment Holdings unit to grow their private equity investment presence.
"Starr's historical relationship with MultiPlan and its executives was fundamental in bringing our firms together," MultiPlan Chief Executive Officer Mark Tabak said. "With the investment led by Starr and Partners Group, we have the long-term capital, strategic support and a collective set of relationships to further grow our company and evolve our solutions in the rapidly changing health care market and beyond."
Greenberg has led the Starr companies since he stepped down as chief executive officer of American International Group in 2005. The Starr companies focus on an investment time frame of up to 10 years.
Founded in 1980, MultiPlan manages the claims process for insurers, corporate self-funded health plans and health maintenance organizations.