HNGR - Hanger stock jumps postmarket on deal to be taken private at $1.25B enterprise value
- Hanger ( NYSE: HNGR ) stock jumped ~24% postmarket on Thursday after the firm said it will be acquired by healthcare investment firm Patient Square Capital at a total enterprise value of ~$1.25B.
- HNGR stockholders will receive $18.75/share in cash, representing ~29% premium to the 30-day volume weighted average price ending Jul. 20.
- On closing of the deal, HNGR will become a privately held company, and its stock will be delisted from NYSE.
- The deal will be financed through a combination of committed equity financing from Patient Square Equity Partners and committed debt financing to be led by funds managed by Ares Capital Management.
- The deal is expected to close in Q4.
- HNGR will continue to be led by CEO Vinit Asar and will maintain its headquarters in Austin, Texas.
- HNGR will no longer host an earnings conference call for Q2 results and expects to issue its results for the quarter ended Jun. 30 on or about Aug. 8.
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Hanger stock jumps postmarket on deal to be taken private at $1.25B enterprise value