AEGN - Aegion climbs 21% on acquisition by New Mountain Capital for $963M

Aegion (AEGN) enters merger agreement with affiliates of New Mountain Capital, headquartered in New York, in a transaction valued at ~$963M.This will result in Aegion becoming a private company.Buyer will acquire all outstanding shares for $26.00 per share in cash, representing a premium of ~21% over closing stock price of $21.45 on February 12, 2021, and a premium of ~28% to Aegion’s 30-day volume weighted average price.Company Expects Q4 and FY 2020 financial results to be in line with expectations.New Mountain will review the previously announced sales process for Aegion’s Energy Services segment and determine what best positions the business for long-term success.“Over the past several years, we have actively reshaped Aegion into a more streamlined and focused company. This transaction provides stockholders a premium valuation, recognizes the value our team has created and represents a new chapter for our company,” said Charles R. Gordon, Aegion’s President and CEO.Share +21% pre market, trading at $21.45.

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Aegion climbs 21% on acquisition by New Mountain Capital for $963M