PRA International Goes Private Again
San Francisco-based mid-market private equity firm Genstar Capital has agreed to acquire PRA International, a global clinical research organization based in Reston, Virginia. The transaction is valued at approximately $790m. Genstar is already a beneficial owner of 12.8 per cent of the outstanding PRA shares.
Under the terms of the agreement, PRA stockholders will be entitled to receive $30.50 for each share of PRA common stock, representing a premium of approximately 13 per cent over PRA’s closing share price on 24 July 2007, and a premium of approximately 24 per cent over PRA’s average closing share price for the three months ended 24 July 2007.
The members of the board of directors of PRA, with the exception of management and those affiliated with Genstar, have approved the agreement and recommend that PRA stockholders approve the merger.
Genstar has approximately $3bn of committed capital under management. The firm focuses on selected segments of the life science and healthcare services, industrial technology, business services and software services sectors.
