Convey Health Solutions shares rocket 135% on take-private deal from TPG

Shares of Convey Health Solutions Holdings Inc.

jumped 135% in premarket trades on Tuesday after the Fort Lauderdale, Fla.-based healthcare technology and services company said it agreed to be taken private by TPG Inc.

for $10.50 a share. The price is about 143% over Convey Health’s closing level on Friday. The deal values Convey Health at about $1.1 billion. Convey Health CEO Stephen Ferrell said the transaction “provides substantial value, liquidity and certainty for our shareholders.” TPG partner Katherine Wood said Convey Health “is a leading, integrated payor technology platform that enables efficiency and improves clinical and financial outcomes across the healthcare system.” The deal is expected to close in the second half of this year. The deal comes about a year after Convey Health Solutions, priced its IPO on June 15, 2021, at the low end of its $14-to-$16 price range.

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