General Atlantic and Stone Point to buy HireRight in $1.65bn deal

HireRight said on Friday that it has agreed to be bought by General Atlantic and Stone Point Capital after the private equity firms raised their offer for the employee screening company to $1.65bn.

Under the terms of the deal, which is expected to close mid-2024, HireRight shareholders will receive $14.35 per share in cash. In December 2023, the PE firms had offered $12.75 per share for the shares they don’t already own.

General Atlantic and Stone Point already own 75% of HireRight.

The price is a 43% premium to the closing share price on 17 November 2023, which was the last trading day prior to when the PE firms indicated they had agreed to work together for a potential deal.

HireRight president and chief executive Guy Abramo said: "We are pleased to have reached this agreement with General Atlantic and Stone Point, which delivers a significant and immediate cash premium to HireRight’s unaffiliated stockholders."

At 1450 GMT, the shares were up 9.8% at $14.14.