Syneos To Be Acquired By Private Investment Consortium For $7.1B, Q1 Earnings Beat Expectations
Syneos Health Inc (NASDAQ: SYNH) reported the first quarter of FY23 revenues of $1.357 billion, beating the analyst consensus of $1.28 billion. Revenues inched up 1.5% year over year.
The integrated biopharmaceutical solutions company posted an adjusted EPS of $0.75, -25.7% Y/Y, beating the analyst consensus of $0.66.
The company has entered into a definitive agreement worth $7.1 billion to be acquired by a private investment consortium consisting Elliott Investment Management, Patient Square Capital, and Veritas Capital. The deal value represents $43 apiece in Syneos Health, in cash.
The acquisition includes Syneos Health's outstanding debt. As of March 31, 2023, the company's long-term debt was $2.61 billion.
The deal value represents a 24% premium to Syneos Health's unaffected closing stock price on February 13, 2023, the last trading day before media speculation regarding the company started.
Completion of the transaction is expected in the second half of 2023. Upon completion of the transaction, Syneos Health will become a private company, trading no longer on the bourses.
"The Syneos Health Board of Directors unanimously determined that this all-cash transaction maximizes value for our shareholders and is in the best interests of the Company and all stakeholders," said John Dineen, Chair of the Syneos Health Board of Directors.
Price Action: SYNH shares are up 8.74% at $41.81 during the premarket session on the last check Wednesday.
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article Syneos To Be Acquired By Private Investment Consortium For $7.1B, Q1 Earnings Beat Expectations originally appeared on Benzinga.com
.
Ā© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
