TPG Capital Takes Healthcare Technology Convey Health Private In $1B Deal
$CNVY
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Technology
- TPG Capital, private equity, has agreed to acquire Convey Health Solutions Holdings Inc (NYSE:CNVY) for $10.50 per share in cash, representing an enterprise value of approximately $1.1 billion.
- The purchase price represents approximately 99% over Convey's 30-day volume-weighted average price per share as of June 17 and a premium of approximately 143% to the last closing price.
- Convey is a specialized healthcare technology and services company that provides healthcare-specific, compliant member support solutions utilizing technology, engagement, and analytics.
- Convey's administrative solutions for government-sponsored health plans help optimize member interactions, ensure compliance, and support end-to-end Medicare processes.
- "We believe this transaction provides our shareholders substantial value, liquidity, and certainty. Going forward, as a private company and with TPG's support, we will have the ability to continue to make investments in the company and better serve our customers," said Stephen Farrell, CEO of Convey.
- The transaction is expected to close in the second half of 2022.
- Price Action: CNVY shares are up 138.8% at $10.32 during the market session on the last check Tuesday.