TPG Capital Takes Healthcare Technology Convey Health Private In $1B Deal

TPG Capital, private equity, has agreed to acquire Convey Health Solutions Holdings Inc CNVY for $10.50 per share in cash, representing an enterprise value of approximately $1.1 billion.
The purchase price represents approximately 99% over Convey's 30-day volume-weighted average price per share as of June 17 and a premium of approximately 143% to the last closing price.
Convey is a specialized healthcare technology and services company that provides healthcare-specific, compliant member support solutions utilizing technology, engagement, and analytics.
Convey's administrative solutions for government-sponsored health plans help optimize member interactions, ensure compliance, and support end-to-end Medicare processes.
"We believe this transaction provides our shareholders substantial value, liquidity, and certainty. Going forward, as a private company and with TPG's support, we will have the ability to continue to make investments in the company and better serve our customers," said Stephen Farrell, CEO of Convey.
The transaction is expected to close in the second half of 2022.
Price Action: CNVY shares are up 138.8% at $10.32 during the market session on the last check Tuesday.