Shearman & Sterling represented Web MD/The Envoy Corp. in its $280 million cash acquisition of Medifax-EDI, Inc., a provider of real-time transactions processing services.  Envoy, which is WebMD's claims processing unit, will combine with Medifax-EDI to become a leading transaction service provider.  The acquisition followed the October 21, 2003 stock purchase agreement entered into between Envoy and Medifax's parent company, TPG Holding Company Ltd.  This transaction illustrates the medical community's increased dependence on databases to efficiently process insurance eligibility and claims.