Inovalon in an all-cash buyout deal with a consortium led by Nordic Capital

Aug. 19, 2021 8:17 AM ETInovalon Holdings, Inc. (INOV)By: Dulan Lokuwithana, SA News Editor

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  • Inovalon (NASDAQ:INOV) has added ~7.7% in the pre-market after the company announced it agreed to be acquired by an equity consortium led by Nordic Capital in an all-cash transaction valued at $7.3B including debt.
  • In the deal, Nordic Capital will be joined by Insight Partners, as lead co-investor, 22C Capital and Inovalon (INOV) CEO Keith Dunleavy, and certain Class B stockholders of Inovalon, the company said in a statement.
  • Per the terms, Inovalon (INOV) shareholders will receive $41.00 per share in cash for each Class A or Class B common stock indicating ~25.3% premium to the Inovalon Class A common stock price on June 26, the day before media speculations on the deal began.
  • The transaction is expected to close in late 2021 or early 2022, subject to customary closing conditions such as shareholder and regulatory approvals.
  • Following the completion of the transaction, Inovalon (INOV) will become a private entity led by CEO Keith Dunleavy, and the company will maintain its headquarters in Bowie, Maryland.
  • Read more on some other merger targets highlighted by BTIG in June.

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