Simpson Thacher is representing EQT Partners in connection with its definitive agreement to acquire Press Ganey (NYSE: PGND), which marks EQT’s first direct EQT Equity investment in North America. Under the terms of the agreement, EQT will acquire all of Press Ganey’s common stock for $40.50 per share in an all cash transaction, resulting in an enterprise value of approximately $2.35 billion. The transaction, which is expected to close in the fourth quarter of 2016, is subject to stockholder and regulatory approvals and other customary closing conditions.
EQT is a leading European private equity group with approximately £30 billion in raised capital. EQT has portfolio companies in Europe, Asia and the U.S. with total sales of more than £15 billion and circa 100,000 employees.
Press Ganey Holdings is a leading provider of patient experience measurement, performance analytics and strategic advisory solutions for health care organizations across the continuum of care.
The Simpson Thacher team included Robert Langdon, Patrick Naughton, Michael T. Holick, Wenli Cai, Christian Witzke and Joseph Bishop-Boros (M&A); Jennifer Hobbs, Eli Isak and Alejandro Milá Valle (Banking and Credit); David Rubinsky, Jeannine McSweeney and Monisha Bhayana (ECEB); Jason Glover, Joshua Tod, Alex Westbrook and Aaron Kienwald (Funds); Noah Leibowitz and Amber Harezlak (IP); Jonathan Goldstein and Sophie Staples (Tax); Krista McManus (Real Estate); and Timothy Mulvihill and Noreen Lavan (Environmental). Summer Associates Jenny Lee, Matthew Petrone and Bob Zhao also provided valuable assistance.