Equity consortium led by Nordic Capital to buy Inovalon in $7.3bn deal
INOVALON HLDGS-A
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19:31 08/12/22
US healthcare software maker Inovalon has agreed to be bought by an equity consortium led by Nordic Capital, and joined by Insight Partners, for around $7.3bn.
Under the terms of the deal, Inovalon stockholders will receive $41.00 per share in cash, which represents a 25% premium to the closing share price on 26 July - the last unaffected trading day prior to media speculation regarding a potential transaction.
Once the deal completes, Inovalon will become a private company "with greater flexibility to focus on strategies that drive innovation and global market development".
William J. Teuber, Jr, lead independent director of the board and chair of the Special Committee, said: "The Inovalon board regularly evaluates opportunities to enhance stockholder value. Today’s announcement is the culmination of a thorough process of evaluating strategic alternatives and represents a compelling opportunity to deliver immediate and more certain cash value to stockholders at a significant premium.
"During our evaluation it became clear that not only is the consortium led by Nordic Capital offering our shareholders compelling value, they also have a deep appreciation for Inovalon’s cloud-based platforms and data capabilities, as well as an appreciation for the people, mission, and the value impact of the company."