PAREXEL To Be Taken Private In About $5 Bln Deal - Quick Facts

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( - PAREXEL International Corp. ( PRXL ), a biopharmaceutical services provider, announced Tuesday that it has agreed to be acquired by Pamplona Capital Management, LLP for $88.10 per share in cash. The transaction is valued at approximately $5 billion, including PAREXEL's net debt.

The purchase price represents a 27.9% premium to PAREXEL's unaffected closing stock price on May 5, the last trading day prior to published market speculation regarding a potential transaction. It also represents a 38.5% premium to the unaffected 30-day volume weighted average closing share price ended May 5 and a 23.3% premium to the Company's undisturbed 52-week high.

The PAREXEL Board of Directors unanimously approved the deal and intends to recommend that all shareholders vote to approve the agreement.

Upon the completion, PAREXEL will become a privately held company and shares of PAREXEL's common stock will no longer be listed.

The deal is not subject to a financing condition. Bank of America Merrill Lynch and J.P. Morgan Chase Bank, N.A. have provided committed financing for the transaction.

Goldman Sachs & Co. LLC is acting as financial advisor to PAREXEL, while Perella Weinberg Partners LP is acting as financial advisor to Pamplona.

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This article appears in: World Markets , Stocks
Referenced Symbols: PRXL

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