KKR KKR 0.36% & Co. is nearing a deal to buy WebMD Health Corp. WBMD -0.11% , according to people familiar with the matter.
The New York-based health-information provider, which has been running an auction after publicly putting itself in play earlier this year, could announce the deal as soon as Monday, the people said.
Terms couldn’t be learned. WebMD had a market value of about $2 billion Friday after running up on hopes of a sale.
Reuters reported earlier Sunday that the company was nearing a deal with KKR.
WebMD was founded in the late 1990s by Jeffrey Arnold, who became a billionaire at age 29 when the company merged with Healtheon Corp. in 1999.
In addition to its namesake website, featuring a symptom checker and glossary of medical terms, the company operates physician-focused Medscape.com, among other services.
The expected takeover comes as uncertainty surrounding health-care policy and drug pricing has damped demand for pharmaceutical marketing such as advertising on WebMD’s websites. Executives noted that backdrop in February, as the company forecast slowing 2017 revenue and said it would explore a sale.
The shares were trading at just over $50 when WebMD said it would consider a sale. The stock notched a record close of $66.98 in May 2016 but is down nearly 20% since then and closed at $55.19 Friday.
Private-equity firms have long seen the company as a target. In 2012, WebMD scrapped an earlier effort to sell itself, which came on the heels of billionaire investor Carl Icahn taking a stake in the company and arguing it was undervalued.
In March, activist hedge fund firm Blue Harbour Group LP disclosed an 8.99% stake in WebMD. The fund firm, founded by former KKR deal maker Clifton Robbins, is known for friendly approaches toward corporate management teams that contrasts with the style of some of its peers.