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

(RTTNews) - 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.

The transaction is expected to close early in the fourth quarter of 2017, subject to the approval of a majority of PAREXEL shareholders and the satisfaction of other customary closing conditions.

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.