UPDATE 2-Stone Point, General Atlantic raise offer to buy HireRight to $1.65 bln deal
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Feb 16 (Reuters) - Private equity firms Stone Point Capital and General Atlantic raised their offer to buy employee-screening company HireRight Holdings to a $1.65 billion deal, the companies said on Friday.
Shares of HireRight rose more than 10% to $14.17 in premarket trading.
The private equity firms offered to pay $14.35 in cash for each HireRight share they do not already own, higher than their offer of $12.75 per share in
early December
.
The new price is a 43% premium over the stock's closing price on Nov. 17, when the private equity firms first announced their intention to bid for the company.
HireRight provides enterprises with services such as criminal and financial background screening for new and potential employees.
Stone Point and General Atlantic were already HireRight's largest shareholders, holding 75% of its stock between them.
The acquisition, which awaits regulatory approval, is expected to close mid-2024. (Reporting by Harshita Mary Varghese and Arsheeya Bajwa; Editing by Savio D'Souza)
