Kirkland Advises Patient Square Capital in Consortium Acquisition of Syneos Health for Approximately $7.1 Billion
Kirkland & Ellis represents health care investment firm Patient Square Capital, as part of a consortium of private investment firm affiliates including Elliott Investment Management and Veritas Capital, which announced today that they have entered into a definitive agreement to acquire Syneos Health, Inc. (Nasdaq: SYNH), a leading fully integrated biopharmaceutical solutions organization, in a transaction valued at approximately $7.1 billion, including outstanding debt. The purchase price represents a 24% premium to Syneos Health’s unaffected closing stock price on February 13, 2023.
The Syneos Health Board of Directors unanimously approved the merger agreement. The transaction is expected to close in the second half of 2023, subject to the approval of Syneos Health shareholders and other customary closing conditions and regulatory approvals. Upon completion of the transaction, Syneos Health will become a private company.
Goldman Sachs Bank USA, UBS Investment Bank, RBC Capital Markets, BMO Capital Markets, HSBC Securities (USA) Inc., Wells Fargo Bank, NA, Citigroup, Jefferies LLC, Macquarie Capital, Natixis and Truist Securities have provided committed financing for the transaction, which is not subject to a financing condition.
Read more in Syneos’ press release
The Kirkland team was led by corporate partners Maggie Flores, Michael Weisser and Daniel Wolf and associate Zach Miller; debt finance partners Jason Kanner and John Ilardo; executive compensation partner Rohit Nafday and associate Paige Costakos; and tax partner Mark Schwed and associate Alee Jamel.