Press Ganey to be sold to private equity firm EQT for $2.2 billion
The deal is expected to close in the fourth quarter of 2016, but Press Ganey will also be allowed a "go shop" period to seek out better offers.
Press Ganey Chief Medical Officer Thomas H. Lee giving a TED talk in 2015.
Press Ganey, a healthcare analytics firm known best for its healthcare patient surveys and reports, on Tuesday agreed to be acquired by EQT, a Swedish private equity firm, for $2.3 billion, the company announced.
The deal for the company, which trades publicly on the New York Stock Exchange, represents a $40.54 per share offer that would ultimately take the firm private.
The deal is expected to close in the fourth quarter of 2016, but Press Ganey will also be allowed a "go shop" period in which it can seek out better offers.
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"I have tremendous respect for EQT as a top flight investment firm, and I look forward to partnering with them as we develop new solutions to advance patient-centered care in the United States and internationalize the business in the next phase of our development," Press Ganey CEO Patrick Ryan said in the announcement.
The deal would be EQT's first investment in a U.S. company.
Press Ganey went public in May 2015, raising $225 million in its initial public offering.
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