Agiliti (AGTI.N) announced on Monday that it had reached an agreement to be taken private by its majority owner THL Partners in a transaction valuing the medical inventory management services provider at $2.5 billion, just under three years after its initial public offering.
The company aids clients, comprising over 10,000 hospitals, surgery centers, and skilled nursing facilities, in curtailing expenses by averting redundant equipment purchases and rentals, as well as minimising underutilisation.
A division of THL will tender $10 in cash for each Agiliti share, reflecting a 31% premium over the stock’s recent closing price. Agiliti’s shares surged by 29% in early trading.
Having gone public in April 2021, THL’s interest in Agiliti stood at approximately 73% before the announcement of the deal, as per LSEG data.
The transaction is anticipated to be finalised in the first half of 2024, as stated by the company.
Agiliti is advised by Centerview Partners LLC, while THL received counsel from Goldman Sachs.