CFIUS Filing Clearance: Caisse de dépôt et placement du Québec/Public Sector Pension Investment Board/the National Pension Service of Korea/The Blackstone Group L.P. and Team Health Holdings, Inc.

UPDATE: On February 6, 2017, Team Health Holdings, Inc., announced the closing of its acquisition “by funds affiliated with Blackstone, a leading global asset manager, and certain other investors, including Caisse de dépôt et placement du Québec (“CDPQ”), the Public Sector Pension Investment Board (“PSP Investments”), and the National Pension Service of Korea (“NPS”).” (Team Health Press Release, TeamHealth Completes Previously Announced Transaction with Blackstone, CDPQ, PSP Investments and NPS and Becomes a Private Company, Feb. 6, 2017.) The parties filed a CFIUS Notice, consistent with the Agreement and Plan of Merger in December 2016. (See Team Health Holdings, Inc., Schedule 14A, Dec. 12, 2016, SEC Filing.)

Posted on December 13, 2016

Status: New Filing

“On December 9, 2016, the parties filed a pre-filing joint voluntary notice with CFIUS.” (Team Health Holdings, Inc., Schedule 14A, Dec. 12, 2016, SEC Filing.)

Posted on November 19, 2016

Status: Upcoming/New Filing

On October 30, 2016, Team Health Holdings, Inc. entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Tennessee Parent, Inc., a Delaware corporation, under which Team Health Holdings will become the wholly owned subsidiary of Tennessee Parent. (See Team Health Holdings Form 8-K, Oct. 31, 2016, SEC Filing.) The acquisition of Team Health will be financed, in part, by an equity contribution of US$2.7 billion in Tennessee Parent by Blackstone Capital Partners VII, L.P., an investment fund of The Blackstone Group L.P., a Canadian based global asset management company. (See id.; Team Health Holdings Press Release, Oct. 31, 2016.) The merger agreement requires a Committee on Foreign Investment in the United States (CFIUS) notification, however, the transaction is not contingent on the parties achieving CFIUS clearance. (See Oct. 30, 2016 Agreement and Plan of Merger, Team Health Holdings, Form 8-K, Ex-2.1, Section 6.4(f), Oct. 31, 2016.)