SYNH - Syneos stock rises as PE consortium to acquire in ~$7.1B deal

2023-05-10 07:31:07 ET

Syneos Health ( NASDAQ: SYNH ) is being acquired by a private equity consortium in a transaction valued at ~$7.1B, including outstanding debt.

The consortium which consists of affiliates composed of Elliott Investment Management Patient Square Capital and Veritas Capital will pay $43 per share in cash to acquire the Morrisville, N.C.-based Life Sciences company.

Syneos said the price represents a 24% premium to its closing stock on Feb. 13, the last trading day prior to media speculation regarding the company.

"This agreement is the culmination of a comprehensive review of opportunities available to Syneos Health, including interest from multiple parties with the assistance of independent financial and legal advisors. The Syneos Health Board of Directors unanimously determined that this all-cash transaction maximizes value for our shareholders and is in the best interests of the Company and all stakeholders," said John Dineen, chair of Syneos Health.

Syneos will become a private company and its common shares will no longer trade on Nasdaq after the transaction is completed.

The company's board has approved the deal and intends to recommend its shareholders to vote in favor of the transaction.

The deal is expected to close in H2 2023, subject to approval of Syneos shareholders and regulatory approvals, among other things.

SYNH +8.97% to $41.90 premarket May 10

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