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July 21 (Reuters) - Medical devices maker Hanger Inc said on Thursday it has agreed to be taken private by healthcare investment firm Patient Square Capital in a deal worth about $1.25 billion, sending its shares up more than 20%.
Under the terms of the agreement, which has been unanimously approved by Hanger's Board of Directors, the prosthetic care provider's stockholders will receive $18.75 per share in cash, representing a 27% premium to stock's closing price on Thursday.
Hanger shares moved up 23.5% to $18.22 post the bell, following news of the take-private deal.
The healthcare sector has outperformed in recent recessionary periods, making them an attractive target for investors looking for assets that can weather a potential downturn, as recession worries grow amid aggressive monetary policy tightening from the Federal Reserve.
Hanger, headquartered in Austin, Texas, provides products and services that assist in enhancing or restoring the physical capabilities of patients with disabilities or injuries.
The transaction is expected to close in the fourth quarter of 2022 and Vinit Asar, the current Chief Executive Officer of Hanger, will continue to lead the company. (Reporting by Mrinalika Roy in Bengaluru; Editing by Krishna Chandra Eluri)