Published: Tue, June 20, 2017
Markets | By Noel Gibbs

Pamplona Capital Management nears deal to buy Parexel

Pamplona Capital Management nears deal to buy Parexel

Biopharmaceutical services provider Parexel International Corp has agreed to be bought by Pamplona Capital Management for $88.10 a share, in a deal valued at around $5bn including Parexel's debt.

This purchase price represents a almost 28 percent premium to Parexel's closing stock price on May 5, the last trading day prior to published market speculation on the deal going through.

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NY hedge fund Starboard Value last month said it had taken a 5.7 percent stake in Parexel and began pushing for higher profits and a potential sale, the Wall Street Journal reported.

Parexel shares surged 5% as the news hit Tuesday.

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On Tuesday, Parexel said the acquisition by Pamplona is expected to close early in the fourth quarter of 2017.

Parexel's board has unanimously approved the deal, and intends to recommend shareholder approval of the agreement with Pamplona.

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The deal is not subject to a financing condition. "We believe the more flexible corporate structure afforded by this transaction will better position us to advance Parexel's strategy in light of these realities and to shape the Company to best capitalize on our exciting market opportunities". Bank of America Merrill Lynch and J.P. Morgan Chase Bank, N.A. have provided committed financing for the transaction. Perella Weinberg Partners LP Pamplona's financial adviser, while Kirkland & Ellis LLP is their legal adviser.

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