(Bloomberg) -- Bain Capital is in advanced talks to buy a minority stake in a combined Zelis Healthcare and RedCard, two health care technology companies being merged by buyout firm Parthenon Capital, according to people familiar with the matter.
The transaction, which could the new company at close to $6 billion, might be announced within weeks, said the people, who asked not to be identified because the negotiations are private. Bain’s investment would coincide with the merger of Zelis and RedCard, they said.
A final decision hasn’t been made and the two Boston-based private equity firms might not agree on a deal, they said.
A spokesman for Bain declined to comment. Representatives for Parthenon, Saint Louis-based RedCard and Zelis, based in Bedminster, New Jersey, didn’t immediately respond to requests seeking comment.
Parthenon acquired Zelis Network Solutions Inc. in 2015 and a minority stake in Red Card Holdings LLC last year, according to data compiled by Bloomberg. Financial details of those transactions weren’t disclosed.
The talks with Bain follow intense dealmaking in health care’s data and information technology segment as private equity players look for opportunities.
Ares Management Corp. and Leonard Green & Partners snapped up health-survey business Press Ganey Associates Inc. in June from EQT Partners. The deal d the company at more than $4 billion, people with knowledge of it have said.
In June, UnitedHealth Group Inc. agreed to buy health-care payments business Equian LLC from New Mountain Capital for $3.2 billion, people familiar with the matter said at the time. Veritas Capital and Elliott Management Corp. agreed last year to buy Athenahealth Inc. for $5.7 billion.
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