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Syneos Health To Be Taken Private By Private Equity Consortium In $7.1 Bln Deal
(RTTNews) - Biopharmaceutical solutions firm Syneos Health, Inc. (SYNH) announced Wednesday that it has entered into a definitive agreement to be acquired by a consortium of private investment firm affiliates composed of Elliott Investment Management, Patient Square Capital, and Veritas Capital for $43.00 per share in cash in a transaction valued at approximately $7.1 billion, including outstanding debt.
The purchase price represents a 24% premium to Syneos Health's unaffected closing stock price of $34.65 on February 13, 2023, the last trading day prior to media speculation regarding the Company.
The Syneos Health Board of Directors unanimously approved the merger agreement and intends to recommend that Syneos Health shareholders vote in favor of it at a Special Meeting of Stockholders, to be scheduled as soon as practicable.
Completion of the transaction is expected in the second half of 2023, subject to the approval of Syneos Health shareholders and the satisfaction of other customary closing conditions, including regulatory approvals. The transaction is not subject to a financing condition.
Upon completion of the transaction, Syneos Health will become a private company and shares of Syneos Health Class A common stock will no longer trade on the Nasdaq. The Company expects to maintain its headquarters in Morrisville, North Carolina.
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