Patient Square Capital, LP, Elliott Investment Management L.P. and Veritas Capital Fund Management, L.L.C completed the acquisition of Syneos Health, Inc. from a group of shareholders.
The Syneos Health Board of Directors unanimously approved the merger agreement and intends to recommend that Syneos Health shareholders vote in favor of it at a Special Meeting of Stockholders, to be scheduled as soon as practicable. The transaction is subject to the approval of Syneos Health shareholders and the satisfaction of other customary closing conditions, including regulatory approvals, any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 having expired or having been terminated. The transaction is not subject to a financing condition. The European Commission (EC) has received an application for approval of Syneos Health to be acquired by a consortium backed by hedge fund Elliott Investment Management. As of August 2, 2023, the transaction has been approved by stockholders of Syneos Health. The provisional deadline set for a ruling is August 28, 2023. The transaction is expected to close in the second half of 2023.
Joshua Dubofsky and Javier Stark of Latham & Watkins LLP acted as legal counsel, Ernst & Young LLP provided additional strategic advice, Centerview Partners and BofA Securities acted as financial advisors to Syneos Health. Richard J. Birns, Andrew Kaplan and Kristen P. Poole of Gibson Dunn & Crutcher LLP acted as legal advisor to Elliott. John M. Ilardo, Jason Kanner, Michael E. Weisser, Maggie D. Flores, Rohit A. Nafday, Zach Miller, Mark Schwed, Rohit Nafday, Paige Costakos, Mark Schwed, Alee Jamel and Daniel Wolf OF Kirkland & Ellis LLP acted as legal advisor to Patient Square and Richard Presutti and Lowell Dyer of Millbank LLP and Covington & Burling LLP acted as legal advisor to Veritas. Divya Mundra of AZB & Partners acted as legal advisor to Elliott Investment Management. Computershare Trust Company, National Association acted as transfer agent to Syneos Health, Inc. MacKenzie Partners, Inc. and Okapi Partners LLC acted as proxy solicitors to Syneos. Syneos has agreed to pay BofA Securities for its services in connection with the Merger an aggregate fee of $34.7 million, $2 million of which was payable upon delivery of BofA Securities? opinion and the remainder of which is payable contingent upon the consummation of the Merger. In connection with Centerview?s services as the financial advisor to the Board, the Company has agreed to pay Centerview an aggregate fee of approximately $52 million, $3 million of which was payable upon the rendering of Centerview?s opinion and the remainder of which is payable contingent upon consummation of the Transactions. Ryan Tomicic, Manon Gauthier, Julie M. Gauthier, Bradley Freedman, Andrew Reid Workman and Line Abecassis of Borden Ladner Gervais LLP served as legal advisor to Elliott Investment Management L.P, Patient Square Capital, LP and Veritas Capital Fund Management, L.L.C.
Patient Square Capital, LP, Elliott Investment Management L.P. and Veritas Capital Fund Management, L.L.C completed the acquisition of Syneos Health, Inc. (NasdaqGS:SYNH) from a group of shareholders on September 28, 2023.