JPMorgan Chase & Co.'s One Equity To Buy M*Modal Inc. For $1.1 Billion-Reuters

Reuters reported that JPMorgan Chase & Co.'s One Equity Partners, the Company's private investment arm, will buy technology services firm M*Modal Inc. for about $1.1 billion in cash. The $14 per share offer represents a premium of 8.3% to M*Modal's Monday close. The company offers clinical documentation and speech recognition technology to medical professionals. It has 12,000 employees in five countries and had revenue of $450 million in 2011. One Equity Partners, which manages $11 billion for JP Morgan, will commence a tender offer for M*Modal's outstanding shares by July 17. The deal is expected to close during the third quarter of 2012.