Agiliti Inc. (NYSE: AGTI) has entered into a definitive merger agreement with an affiliate of private equity firm Thomas H. Lee Partners, L.P. (THL), the company's majority shareholder, to be taken private at a purchase price of $10.00 per share in cash. This represents a significant premium of approximately 39% and 43% over Agiliti's 30-day and 90-day volume weighted average price per share as of February 23, 2024.
The company's CEO, Tom Leonard, stated that the transaction provides immediate value and liquidity to shareholders while alleviating certain overhangs that had limited Agiliti's performance in the public market since its initial public offering (IPO).
The transaction, which is subject to customary closing conditions, is expected to close in the first half of 2024. Upon completion, Agiliti will become a private company and will no longer be publicly listed or traded on the New York Stock Exchange.
Agiliti noted that as a result of the proposed transaction, it will not host a conference call to discuss financial results for the fourth quarter and full year 2023. The company expects to file its annual report on Form 10-K detailing results for the quarter and year ended December 31, 2023, on or before March 15, 2024.
Agiliti, a nationwide provider of medical technology management and service solutions to the healthcare industry, serves more than 10,000 national, regional, and local acute care and alternate site providers across the U.S. for over eight decades.
On the other hand, THL is a premier private equity firm investing in middle-market growth companies exclusively within three sectors: healthcare, financial technology & services, and technology & business solutions. Since 1974, THL has raised more than $35 billion of equity capital, invested in over 170 companies, and completed more than 600 add-on acquisitions. The market has reacted to these announcements by moving the company's shares 29.1% to a price of $9.86. For more information, read the company's full 8-K submission here.
