Hanger, Austin, Texas, entered into a definitive agreement to be acquired by Patient Square Capital, a healthcare investment firm headquartered in Menlo Park, California. Under the terms of the agreement, which has been approved by Hanger’s board of directors, Hanger stockholders will receive $18.75 in cash per share and a total enterprise value of approximately $1.25 billion. Upon completion of the transaction, Hanger will become a privately held company, and its common stock will no longer be traded on the New York Stock Exchange.
The transaction is expected to close in the fourth quarter of 2022, subject to the receipt of stockholder approval, regulatory approvals, and the satisfaction of other customary closing conditions. Following the close of the transaction, Hanger will continue to be led by Vinit Asar, Hanger’s president and CEO for more than a decade, and will maintain its headquarters in Austin, Texas.
In light of the proposed transaction, Hanger will no longer host a conference call to discuss financial results for the second quarter of 2022. The company expects to issue its earnings release and file its quarterly report on Form 10-Q for the quarter ended June 30 on or about August 8.
“I’m very pleased to be announcing this agreement today as the transaction will result in immediate and substantial value creation for our stockholders,” said Asar. “This transaction represents a culmination of an extensive review by our board of directors of strategic alternatives to provide value to our stockholders and to offer financial flexibility for our company to pursue future growth initiatives. Patient Square Capital recognizes the value of our brand and the quality of our world-class team and is grounded in similar values that guide our actions. They share the same long-term vision for our company, which makes them an excellent partner for the next phase of our journey.”
“I have closely followed Hanger’s impactful work for most of my career and genuinely respect the positive impact they have on their patients and customers,” said Jim Momtazee, Patient Square Capital’s managing partner. “Patient Square values the steps taken by the leadership team to strengthen the company’s position and is thrilled to partner with the Hanger management team to support the next phase of their growth.”
