Health plan tech company Convey Health Solutions to go private in $1.1B deal

Convey Overall health Options, which presents technological innovation and analytics expert services for overall health plans like Medicare and Medicaid, introduced it would go non-public as a result of a merger with its principal shareholder, TPG Money.

Under the terms of the offer, personal equity company TPG will acquire all superb shares of Express common stock not presently owned by TPG or sure administration and director shareholders for $10.50 per share in dollars, or about $1.1 billion. The merger is expected to near in the second fifty percent of 2022.

“We imagine this transaction offers considerable price, liquidity and certainty for our shareholders. Heading ahead, as a non-public business and with TPG’s assist, we will have the potential to keep on to make investments in the enterprise and improved provide our shoppers,” Stephen Farrell, CEO of Convey, stated in a assertion.

THE Bigger Trend

Started in 2001, Convey was initial obtained by TPG from New Mountain Capital in 2019. It then went general public final year.

Convey’s stock surged following news of the offer broke. It shut very last Friday at $4.32 for every share and wrapped up yesterday at $10.36.

ON THE History

“Express is a top, integrated payer technological know-how platform that permits effectiveness and enhances clinical and fiscal results across the healthcare process. We appear ahead to continuing our partnership in its following chapter as a personal company,” Katherine Wooden, lover at TPG, reported in a statement.