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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