Patient Square Capital, LP completed the acquisition of Hanger, Inc. from BlackRock, Inc., The Vanguard Group, Inc., Victory Capital Management Inc., Hotchkis and Wiley Capital Management, LLC and others.
The transaction is subject to the receipt of approval of shareholders of Hanger, regulatory approvals, the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, or any other similar approvals and the satisfaction of other customary closing conditions. The agreement has been unanimously approved by Hanger's Board of Directors. Board of Directors of Patient Square Capital, LP also approved the agreement. The closing of the Merger is not subject to a financing condition. Effective as of 11:59 p.m. Eastern Time on September 1, 2022, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired with respect to the Merger. The transaction has been approved by the shareholders of Hanger on September 30, 2022. The transaction is expected to close in the fourth quarter of 2022.
BofA Securities, Inc. is acting as the exclusive financial advisor to Hanger, and John K. Wilson, David S. Sanders and Mark T. Plichta of Foley & Lardner LLP serving as legal counsels. Ejim Achi, Dmitriy A. Tartakovskiy and Doron Lipshitz of Greenberg Traurig, LLP acting as M&A legal counsels, Kirkland & Ellis LLP is acting as financing legal counsel, and Latham & Watkins LLP is acting as health care legal counsel to Patient Square Capital. Proskauer Rose LLP is acting as financing legal counsel to Ares Capital Management LLC. BofA Securities, Inc. acted as fairness opinion provider to the board of Hanger. Hanger has agreed to pay BofA Securities for its services in connection with the Merger an aggregate fee of approximately $14 million, $1 million of which was payable upon the delivery of its opinion and the remaining portion of which is contingent upon the consummation of the Merger. MacKenzie Partners, Inc. served as proxy solicitor to Hanger and will be paid a fee of $20,000. Computershare Trust Company, National Association served as transfer agent to Hanger.
Patient Square Capital, LP completed the acquisition of Hanger, Inc. (NYSE:HNGR) from BlackRock, Inc. (NYSE:BLK), The Vanguard Group, Inc., Victory Capital Management Inc., Hotchkis and Wiley Capital Management, LLC and others on October 3, 2022.