As per the agreement, the holders of Emdeon common stock are expected to get around $19 per share in cash.
Following the merger, Emdeon will become a privately held company and its Class A common stock will no longer be traded on the New York Stock Exchange.
Blackstone senior managing director Neil Simpkins said the company will look forward to supporting Emdeon and its experienced management team, in continuing to provide products and services to the healthcare industry.
The transaction is expected to be closed in the second half of 2011.