THL agrees to $1.1BN inVentiv deal
US buy-out firm Thomas H. Lee Partners has agreed to buy Nasdaq-listed pharmaceutical services provider inVentiv Health Inc for $1.1bn.
THL Partners will pay $26 per share for the public company, a 52 per cent premium over the $17.15 closing price on 25 March, the day before it was revealed that inVentiv had been approached by a suitor.
The company reported net income of $10.2m for the first quarter, versus $7.9m for the same period last year; revenue stood at $269.4m, up five per cent.
inVentiv, whose share price currently stands at $23.92, is divided between four business segments - inVentiv Clinical, inVentiv Communications, inVentiv Commercial, inVentiv Patient Outcomes – and delivers clinical, sales, marketing and communications solutions to the pharma industry.
The transaction is expected to close in the third quarter.
Private equity investor THL is part of a three-bit consortium currently preparing the biggest buy-out since the financial crisis. Alongside Blackstone and TPG, THL aims to acquire payments processor Fidelity National Information Services for more than $10bn.
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