TriZetto agrees to be taken private by Apax Partners for $1.4B, or $22 per share

Medical software company TriZetto Group says it has agreed to a $1.4 billion takeover by private equity firm Apax Partners.

Stockholders will receive $22 per share, a 25 percent premium over Thursday's closing price.

The total price includes consideration for stock options and shares related to the company's outstanding convertible notes.

BlueCross BlueShield of Tennessee and The Regence Group, both TriZetto customers, are providing some funding for the transaction and will be equity investors in the company.

TriZetto's board has approved the buyout, which is subject to shareholder and regulatory approvals. The deal is expected to close in four to six months. TriZetto does not expect its products or staffing to change.