Arsenal Capital Partners entered into a definitive agreement to acquire Fortrea Patient Access Inc., Endpoint Clinical, Inc. and other Assets of Enabling Services Segment from Fortrea Holdings Inc. for approximately $350 million.

Arsenal Capital Partners entered into a definitive agreement to acquire Fortrea Patient Access Inc., Endpoint Clinical, Inc. and Other Assets of Enabling Services Segment from Fortrea Holdings Inc. (NasdaqGS:FTRE) for approximately $350 million on March 9, 2024. Fortrea Holdings agreed to sell assets relating to its Enabling Services Segment, including the sale of equity interests of Fortrea Patient Access Inc. and its subsidiaries and Endpoint Clinical, Inc. and its subsidiaries. The purchase price for the transaction is $345 million, subject to customary purchase price adjustments, with $295 million to be paid at closing and $50 million to be paid upon achievement of certain transition-related milestones.

The transaction is subjected to close in the second quarter of 2024 subject to customary closing conditions and regulatory approvals, as well as the parties entering into certain services and operating agreements. Barclays Capital Inc. acted as financial advisor and Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. acted as legal advisor to Fortrea Holdings Inc. (NasdaqGS:FTRE). Sidley Austin LLP acted as legal advisor to Arsenal Capital Partners.