Well being plan tech firm Convey Well being Options to go non-public in $1.1B deal

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Convey Well being Options, which offers know-how and analytics providers for well being plans like Medicare and Medicaid, introduced it might go non-public via a merger with its principal shareholder, TPG Capital.

Beneath the phrases of the deal, non-public fairness agency TPG will purchase all excellent shares of Convey widespread inventory not at the moment owned by TPG or sure administration and director shareholders for $10.50 per share in money, or about $1.1 billion. The merger is predicted to shut within the second half of 2022.

“We consider this transaction offers substantial worth, liquidity and certainty for our shareholders. Going ahead, as a personal firm and with TPG’s help, we could have the flexibility to proceed to make investments within the firm and higher serve our prospects,” Stephen Farrell, CEO of Convey, mentioned in a press release.

THE LARGER TREND

Based in 2001, Convey was first acquired by TPG from New Mountain Capital in 2019. It then went public final 12 months.

Convey’s inventory surged after information of the deal broke. It closed final Friday at $4.32 per share and wrapped up yesterday at $10.36.

ON THE RECORD

“Convey is a number one, built-in payer know-how platform that permits effectivity and improves medical and monetary outcomes throughout the healthcare system. We look ahead to persevering with our partnership in its subsequent chapter as a personal firm,” Katherine Wooden, companion at TPG, mentioned in a press release.



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