Press Ganey Agrees To Be Acquired By EQT For Enterprise Value Of About $2.35 Bln

(RTTNews) - Press Ganey (PGND) said that it agreed to be acquired by EQT Equity fund EQT VII, part of the global private equity group EQT.

As per the terms of the agreement, EQT will acquire all of Press Ganey's common stock. Shareholders of record will receive $40.50 in cash per share of Press Ganey common stock, resulting in an enterprise value of approximately $2.35 billion.

The offer price represents a 20% premium to the year to date volume-weighted average price and a 62% premium to the initial public offering price for the common stock. The acquisition of Press Ganey represents EQT's first direct EQT Equity investment in North America.

The agreement followed the unanimous approval by Press Ganey's Board of Directors. Completion of the transaction is subject to the expiration of a "go-shop" period, the expiration or termination of the applicable waiting period under Hart-Scott-Rodino Antitrust Improvements Act, Press Ganey shareholder approval and other customary closing conditions. The acquisition is expected to be completed during the fourth quarter of 2016.