Davis Polk & Wardwell LLP advised Morgan Stanley & Co. Incorporated, Goldman, Sachs & Co., UBS Securities LLC and Barclays Capital Inc. as joint book-running managers in connection with the $422 million initial public offering of 27,255,000 shares of Class A common stock of Emdeon Inc. (Emdeon), of which 10,725,000 shares were sold by Emdeon and 16,530,000 shares were sold by the selling stockholders (including 3,555,000 shares pursuant to the underwriters’ over-allotment option). The shares are listed on the New York Stock Exchange under the symbol “EM.”

Emdeon is a leading provider of revenue and payment cycle management solutions, connecting payers, providers and patients in the U.S. health care system. Emdeon’s product and service offerings integrate and automate key business and administrative functions of its payer and provider customers throughout the patient encounter, including pre-care patient eligibility and benefits verification, claims management and adjudication, payment distribution, payment posting and denial management, and patient billing and payment collection.

The Davis Polk corporate team included partner Michael Kaplan and associates Amber D. Derryberry, Michael Segall and Sam I. Valverde. Partner William H. Weigel and associate Craig A. Phillips provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Amarilys Katy Barbosa and Sorina Delia Lazar were the legal assistants on the transaction. All members of the Davis Polk team are based in the New York office.