Shares in executive search and leadership advisory firm Heidrick & Struggles International surged nearly 20% on Monday after the firm announced a $1.3bn go-private agreement with a consortium led by Advent International and Corvex Private Equity, according to a report by Reuters.
Under the terms of the deal, the investor group will acquire all outstanding shares for $59 per share, representing a 21% premium to the company’s previous closing price of $48.68. The stock hit its highest level in more than two decades and recorded its largest single-day gain since 2019.
Following the transaction, CEO Tom Monahan will continue to lead the Chicago-based firm, which expects the deal to close in the first quarter of 2026, pending regulatory and shareholder approvals.
The acquisition adds to a wave of recent private equity-led buyouts in the professional services and technology sectors. Last month, Thoma Bravo announced a $12.3bn take-private of HR software firm Dayforce, underscoring renewed deal momentum across the industry.
Advent International has been one of the most active players in this resurgence, having recently taken over Swiss chipmaker U-blox and made an offer for Canada Goose. Reports have also linked the firm to a potential bid for UK-based fund administrator JTC.
Heidrick & Struggles last reported second-quarter results in August, with revenue surpassing analyst forecasts. Shares closed Monday at $58.28, up 19.7% on the days.
