Convey Well being Options, which gives know-how and analytics companies for well being plans like Medicare and Medicaid, introduced it might go non-public by way of a merger with its principal shareholder, TPG Capital.
Below the phrases of the deal, non-public fairness agency TPG will purchase all excellent shares of Convey widespread inventory not at present owned by TPG or sure administration and director shareholders for $10.50 per share in money, or about $1.1 billion. The merger is predicted to shut within the second half of 2022.
“We imagine this transaction gives substantial worth, liquidity and certainty for our shareholders. Going ahead, as a non-public firm and with TPG’s assist, we may have the power to proceed to make investments within the firm and higher serve our clients,” Stephen Farrell, CEO of Convey, mentioned in a press release.
THE LARGER TREND
Based in 2001, Convey was first acquired by TPG from New Mountain Capital in 2019. It then went public final yr.
Convey’s inventory surged after information of the deal broke. It closed final Friday at $4.32 per share and wrapped up yesterday at $10.36.
ON THE RECORD
“Convey is a number one, built-in payer know-how platform that permits effectivity and improves medical and monetary outcomes throughout the healthcare system. We stay up for persevering with our partnership in its subsequent chapter as a non-public firm,” Katherine Wooden, companion at TPG, mentioned in a press release.
_22.jpg&description=Well%20being%20plan%20tech%20firm%20Convey%20Well%20being%20Options%20to%20go%20non-public%20in%20%241.1B%20deal){kind=link}