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PE consortium acquires Syneos Health in $7.1bn deal

A consortium of private investment firms led by Elliott Investment Management, Patient Square Capital, and Veritas Capital, is to acquire Syneos Health for $43.00 per share in cash in a transaction valued at approximately $7.1 billion, including outstanding debt.

A consortium of private investment firms led by Elliott Investment Management (Elliott), Patient Square Capital (Patient Square), and Veritas Capital (Veritas), is to acquire Syneos Health for $43.00 per share in cash in a transaction valued at approximately $7.1 billion, including outstanding debt.
 
The purchase price represents a 24% premium to Syneos Health’s unaffected closing stock price on 13 February, 2023, the last trading day prior to media speculation regarding the Company.
 
Completion of the transaction is expected in the second half of 2023, subject to the approval of Syneos Health shareholders and the satisfaction of other customary closing conditions, including regulatory approvals.
 
The Syneos Health Board of Directors unanimously approved the merger agreement and intends to recommend that Syneos Health shareholders vote in favour of it at a Special Meeting of Stockholders, to be scheduled as soon as practicable.
 
The transaction is not subject to a financing condition. Goldman Sachs Bank USA, UBS Investment Bank, RBC Capital Markets, BMO Capital Markets, HSBC Securities (USA) Inc, Wells Fargo Bank, NA, Citigroup, Jefferies LLC, Macquarie Capital, Natixis, and Truist Securities have provided committed financing for the transaction.
 
Upon completion of the transaction, Syneos Health will become a private company and shares of Syneos Health Class A common stock will no longer trade on the Nasdaq. The Company expects to maintain its headquarters in Morrisville, North Carolina.
 

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