EQT Equity completes first US investment with Press Ganey takeover

The $2.35bn EV deal sees EQT tap its most recent large-cap buyout fund, the €6.75bn EQT VII fund. Despite having a dedicated US fund, the GP did not draw capital from that vehicle for the planned take-private. EQT's US buyout vehicle is targeting $1bn and held a first close around $365m in June 2015.

In EQT's buyout of Press Ganey, Fund VII will acquire the majority of the company's common stock at $40.50 per share. The price represents a 20% premium on the year-to-date volume-weighted average share price and 62% increase on the company's IPO price of $25 a share. Before EQT's acquisition, Press Ganey was majority-owned by US PE outfit Vestar Capital Partners, which will fully exit as part of the transaction.

Press Ganey's board unanimously approved the deal, which is subject to certain US regulations and expected to complete in Q4.

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• Topics
• Buyouts
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• Take Private