TPG Capital Takes Healthcare Technology Convey Health Private In $1B Deal

Author: Vandana Singh | June 21, 2022 01:15pm

• TPG Capital, private equity, has agreed to acquire Convey Health Solutions Holdings Inc (NYSE:CNVY) for $10.50 per share in cash, representing an enterprise value of approximately $1.1 billion.
• The purchase price represents approximately 99% over Convey's 30-day volume-weighted average price per share as of June 17 and a premium of approximately 143% to the last closing price.
• Convey is a specialized healthcare technology and services company that provides healthcare-specific, compliant member support solutions utilizing technology, engagement, and analytics. 
• Convey's administrative solutions for government-sponsored health plans help optimize member interactions, ensure compliance, and support end-to-end Medicare processes. 
• "We believe this transaction provides our shareholders substantial value, liquidity, and certainty. Going forward, as a private company and with TPG's support, we will have the ability to continue to make investments in the company and better serve our customers," said Stephen Farrell, CEO of Convey.
• The transaction is expected to close in the second half of 2022.
• Price Action: CNVY shares are up 138.8% at $10.32 during the market session on the last check Tuesday.

Posted In: CNVY