It looks like private equity firm KKR (NYSE:$KKR) is on a bit of a health kick. On the morning of July 24, KKR announced that they will be buying a health supplement company named The Nature’s Bounty Co . Not only that, KKR will also be purchasing popular health site WebMD (NASDAQ:$WBMD) for a whopping $2.8 billion, or about $66.50 a share. The news sent WebMD’s stock soaring. As of 9:12 AM PT, WebMD’s stock has risen by about 19.6%.

KKR’s acquisition marks the end of a half-year long process of WebMD’s attempt to be purchased. Earlier this year, on February 16, WebMD had told its shareholders that the company will be considering selling the company after agreeing to be sold for 30% premium to its stock price. Then, in March, Blue Harbour Group (traded privately) bought about a 9% ownership to the health site, as well as the right to discuss strategic alternatives with those at WebMD. The acquisition was part of the investment firm’s plan to build a hedge fund that focuses on environmental, social, and governance corporate activism.

For KKR, its purchase of WebMD was part of a bigger investment in web-based health information, as many people have begun to make use of the internet to learn more about health and wellness. As such, WebMD will be becoming part of a company built by KKR named Internet Brands. Internet Brands’ businesses has helped about 50,000 health practices and been a part of developing cloud web hosting for health practitioners like dentists, chiropractors, veterinarians, eye doctors, and therapists. These businesses include Demandforce, Officite, and Sesame Communication. The company also has quite a hold in the web-health market, owning web properties like DentalPlans.com, eHealthForum.com, HealthBoards.com, FitDay.com, and VeinDirectory.org.

KKR’s acquisition of WebMD will only serve to further expand Internet Brand’s presence in the web-health market, especially since WebMD owns other businesses like Medscape.com, which is meant for clinicians.

“WebMD and Medscape are the market leaders in online health with unparalleled reach to consumers and healthcare professionals,” Bob Brisco, CEO of Internet Brands, commented. “Since its founding, WebMD has established itself as a trusted resource for health information. We look forward to delivering that resource to even more users, by leveraging our combined resources and presence in online to catalyze WebMD’s future growth.”

“KKR and Internet Brands are pleased to be investing behind the experienced WebMD management team and trusted WebMD platforms. The combined portfolio of leading vertical internet assets will be a powerful one,” Herald Chen, head of KKR’s technology industry team, added.

Martin Wygod, WebMD’s chairman, said that the deal with KKR was the best possible premium for shareholders out of about 100 possible buyers. For the last three years WebMD has returned 15%, while for the last five years the company returned about 190%. This is partially due to the volatility the company experienced as a mid-cap web-health company on the market.

KKR’s other acquisition, The Nature’s Bounty Co., was made through another private equity firm, Carlyle Group (NASDAQ:$CG). KKR will be purchasing the majority of Nature’s Bounty from Carlyle Group, while Carlyle Group will still own a minor part of the health supplement company.

Elliot Wagner, managing director at Carlyle, commented on the acquisition, saying, “While we close one chapter in our ownership of Nature’s Bounty, we are pleased to remain part of its future. We’ve supported significant investments in new management talent and functional capabilities, strengthened the branded portfolio and optimized the operations, creating a strong foundation for future growth. We look forward to our partnership with KKR as we continue to build Nature’s Bounty as a global leader in wellness products.”

Similarly, KKR hopes to continue to grow Nature’s Bounty’s presence in the health supplements market. Nate Taylor, KKR’s head of consumer retail, noted, “Nature’s Bounty is a unique consumer health and wellness platform that has built an outstanding reputation for developing distinctive brands and high quality products. We are excited to partner with the management team to grow Nature’s Bounty’s global franchise.”

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