An investment consortium, consisting of Elliott Investment Management, Patient Square Capital, and Veritas Capital, has agreed to acquire Syneos Health Inc. for approximately $4.4 billion. The deal represents a premium of 24% to the unaffected stock price and is expected to close in the second half of 2021.
Syneos Health is a leading provider of drug-research services, with a focus on clinical trials and commercialization. The company is headquartered in Morrisville, North Carolina, and operates in more than 110 countries. The acquisition by the Elliott-led consortium is expected to provide synergies and opportunities for growth in the healthcare sector.
According to people familiar with the matter, the consortium, including Elliott Investment Management, has been in advanced talks to acquire Syneos Health for several weeks. The deal is reportedly part of a broader trend of consolidation in the healthcare industry, as companies seek to expand their capabilities and create scale in the market.
The acquisition of Syneos Health by the consortium led by Elliott Investment Management is the latest in a series of deals by the firm in the healthcare sector. Elliott has previously invested in companies such as Athenahealth and Alkermes, and has a track record of creating value for shareholders through strategic investments and activism.
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Elliott Investment Management has released a statement on behalf of the consortium, stating that the acquisition of Syneos Health is a strategic investment that will provide value to shareholders and create opportunities for growth in the healthcare sector. The statement also emphasizes the consortium's commitment to the long-term success of Syneos Health and its employees.
The consortium led by Elliott Investment Management has agreed to pay $43.00 per share in cash for Syneos Health, representing a premium of 24% to the unaffected stock price. The deal is subject to regulatory approval and is expected to close in the second half of 2021.
According to a report by Bloomberg, Syneos Health's stock surged 19% in extended trading on Tuesday following news of the acquisition by the consortium led by Elliott Investment Management. The report suggests that the acquisition will provide Syneos Health with the resources and expertise to expand its capabilities and create value for shareholders.
Activist investor Elliott Management Corp. has made a multibillion-dollar investment in Salesforce Inc., a leading provider of customer relationship management software. The investment is expected to provide Elliott with a significant stake in the company and the ability to influence strategic decisions.
In conclusion, the acquisition of Syneos Health by the consortium led by Elliott Investment Management is a strategic investment that is expected to create value for shareholders and provide opportunities for growth in the healthcare sector. The deal represents a premium of 24% to the unaffected stock price and is subject to regulatory approval. Elliott Investment Management has a track record of creating value for shareholders through strategic investments and activism and is expected to continue to play a leading role in the healthcare industry.