UPDATE 2-EQT to buy patient satisfaction survey provider Press Ganey
(Adds background on sale process)
NEW YORK, Aug 9 (Reuters) - Press Ganey Holdings Inc , a provider of patient satisfaction surveys to healthcare firms, said on Tuesday it agreed to be bought by Swedish private equity group EQT in a deal valued at about $2.35 billion.
EQT will pay $40.50 in cash per share, a slim premium to Press Ganey's Monday close of $40.33.
Press conducted a quiet sale process prior to the deal, reaching out to a number of potential strategic and private equity parties before it agreed to sell to EQT, according to a person familiar with the matter.
The deal is subject to a "go-shop" period, in which it remains open to additional bids.
South Bend, Indiana-based Press Ganey, which helps administer surveys for hospitals and other healthcare providers to measure patient satisfaction, was founded in 1985 and went public in May 2015.
The company is controlled by private equity firm Vestar Capital Partners Inc, which owns a 57 percent stake.
The deal, through EQT unit EQT Equity, marks the firm's first direct private equity investment in North America.
The transaction has been approved by Press Ganey's board and is expected to be completed in the fourth quarter of 2016.
Barclays and Goldman Sachs were Press Ganey's financial advisers, while Latham & Watkins LLC and Richards, Layton & Finger PA were legal advisers.
BofA Merrill Lynch was the financial adviser to EQT, while Simpson Thacher & Bartlett LLP was its legal adviser. (Editing by Alan Crosby)
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