UPDATE 1-First Advantage to buy background screening firm Sterling Check in $2.2 bln deal
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Feb 29 (Reuters) - Background screening services provider First Advantage will buy rival Sterling Check in a cash-and-stock deal valued at $2.2 billion, the company said on Thursday.
The deal consists of about $1.2 billion in cash and 27.15 million shares of First Advantage common stock. It values each share of Sterling Check at $16.73, which represents a premium of 35% to the closing price of the company's stock on Wednesday.
Sterling shareholders are expected to own about 16% of the combined company after the close of the deal, while First Advantage investors will own about 84%. (Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shounak Dasgupta)
