Premier finalizes $2.6B deal to go private: 4 notes

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The healthcare investment firm Patient Square Capital finalized its $2.6 billion acquisition of Charlotte, N.C.-based Premier on Nov. 25.

Four notes:

1. The deal takes Premier private, making it a wholly owned subsidiary of Premium Parent, an affiliate of Patient Square Capital.

2. Under the terms of the deal, Premier stockholders received $28.25 in cash per share. Premier’s common stock ceased trading and was delisted from the Nasdaq the same day.

3. Premier’s board of directors resigned as stipulated in the agreement, according to a Nov. 25 SEC filing. Members included Universal Health Services CEO Marc Miller and Peter Fine, former CEO of Phoenix-based Banner Health. Premier CEO Michael Alkire and CFO Glenn Coleman now serve as the company’s only directors.

4. Premier and Patient Square Capital entered a definitive agreement in September. The deal comes after Premier reported $262.9 million in fourth-quarter net revenue, a 12% year-over-year decrease.

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