Heidrick & Struggles to be acquired by Advent, Covex for about $1.3B in cash

Heidrick & Struggles announced that it has entered into a definitive agreement whereby a consortium of investors led by Advent International and Corvex Private Equity, and including several leading family offices, will acquire all of the company’s outstanding public shares. This new investor consortium will include significant investment from many Heidrick leaders. The all-cash transaction values the company’s equity at approximately $1.3B and will enable the company to return to private ownership, with significantly more equity participation by current and future partners and leaders, enabling faster growth and greater client impact. Under the terms of the agreement, Heidrick stockholders will receive $59.00 per share in cash, representing a premium of approximately 26% to Heidrick’s 90-day volume-weighted average price per share. The transaction, which was unanimously approved by the Heidrick Board of Directors, is expected to close by the first quarter of 2026, subject to the approval of the Company’s stockholders and the satisfaction of required regulatory approvals and other customary closing conditions. Upon closing of the transaction, Heidrick will be a private company, and its common stock will no longer be listed nor traded on the Nasdaq stock market or any public exchange. Following the close of the transaction, the Company will continue to maintain its headquarters in Chicago, Illinois, and will continue to operate under the Heidrick & Struggles name and brand.