Hanger, Inc., a provider of orthotic and prosthetic (O&P) patient care services and solutions, announced that it has entered into a definitive agreement to be acquired by Patient Square Capital, a dedicated healthcare investment firm. Under the terms of the agreement, which has been unanimously approved by Hanger’s board of directors, Hanger stockholders will receive $18.75 in cash per share, representing an approximately 29% premium to the 30-calendar day volume-weighted average price ending July 20, 2022, 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 will be financed through a combination of committed equity financing provided by Patient Square Equity Partners, as well as committed debt financing to be led by funds managed by Ares Capital Management. 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, who has been its president and CEO for over a decade, and will maintain its headquarters in Austin, Texas.
Patient Square Capital is a patient-centered investment firm with a team of seasoned executives that uses healthcare expertise, a broad network of relationships, and a partnership approach to make investments in companies to grow and thrive, partnering with organizations that they believe can improve patient lives, strengthen communities, and create a healthier world.
