Stone Point Capital, General Atlantic to acquire HireRight for $1.65bn after upping offer
On Friday, Stone Point Capital and General Atlantic announced that they raised their offer to acquire HireRight Holdings Corp (HRT), an employee screening company, to a deal worth $1.65 billion. HireRight has agreed to be acquired by the firms.
HireRight shares jumped 9.8% on the news, now trading above the $14 per share mark, its highest level since October 2022.
The private equity firms offered to pay $14.35 in cash for each outstanding share of HireRight, which is higher than their previous offer of $12.75 per share made in early December.
The new price represents a potential 43% premium to the stock's closing price on November 17, when Stone Point Capital and General Atlantic first announced their intention to bid for the company.
“We are pleased to have reached this agreement with General Atlantic and Stone Point, which delivers a significant and immediate cash premium to HireRight’s unaffiliated stockholders,” said Guy Abramo, CEO of HireRight.
The transaction is expected to close in mid-2024.
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