- Convey Health Solutions (NYSE:CNVY) stock surged ~139% premarket on Tuesday after the firm said TPG Capital will acquire its shares not owned by TPG for $10.50/share in cash at an enterprise value of ~$1.1B.
- The deal value represents ~143% premium to CNVY's last close.
- TPG Capital is the private equity platform of investment firm TPG and is also CNVY's principal shareholder.
- "We believe this transaction provides substantial value, liquidity and certainty for our shareholders. Going forward, as a private company, we will have the ability to continue to make investments in the company," said CNVY CEO Stephen Farrell.
- The deal has been approved by TPG in its capacity as CNVY's principal shareholder and no other shareholder approval is required.
- Once the deal closes, expected in H2 of 2022, CNVY will become a private firm.
- CNVY stock has declined ~51% YTD.
Convey Health to be taken private by TPG at $1.1B enterprise value; stock surges premarket
Recommended For You
More Trending News
Related Stocks
| Symbol | Last Price | % Chg |
|---|---|---|
| CNVY | - | - |
| Convey Health Solutions Holdings, Inc. | ||