BY Fraser Tennant
In a deal that takes the US MedTech provider private, Agiliti Inc. is to be acquired by its majority owner, private equity firm THL Partners, for approximately $2.5bn.
Under the terms of the definitive agreement, THL will acquire all outstanding shares of Agiliti common stock not currently owned by THL and its affiliates and certain management shareholders for $10 per share in cash.
Upon completion of the transaction, Agiliti will become a private company and will no longer be publicly listed or traded on the New York Stock Exchange.
“Agiliti serves a critical role in sustaining our national healthcare infrastructure, and our dedicated team has led the way to our substantial growth and evolution over the last decade,” said Tom Leonard, chief executive of Agiliti. “We are pleased to expand our five-year partnership with THL in a transaction that provides immediate value and liquidity to our shareholders, while lifting certain overhangs that had limited our performance in the public market since the time of our initial public offering.”
An essential service provider to the US healthcare industry with solutions that help support a more efficient, safe and sustainable healthcare delivery system, Agiliti serves more than 10,000 national, regional and local acute care and alternate site providers across the US.
For more than eight decades, Agiliti has delivered medical equipment management and service solutions that help healthcare providers reduce costs, increase operating efficiencies and support optimal patient outcomes.
Acting upon the unanimous recommendation of a special committee of the Agiliti board of directors, the Agiliti board of directors approved the transaction. The transaction has also been approved by THL Agiliti LLC in its capacity as the majority shareholder of Agiliti and no other shareholder approval is required.
Serving as exclusive financial adviser to the special committee is Centerview Partners, with Weil, Gotshal & Manges acting as legal counsel. Goldman Sachs & Co. is providing exclusive financial advisory services to THL, with legal counsel from Ropes & Gray.
The transaction is expected to close in the first half of 2024, subject to customary closing conditions.
News: Healthcare tech Agiliti to be taken private in $2.5 bln deal