HireRight to be acquired by General Atlantic, Stone Point for $14.35 per share

HireRight announced that it has entered into a definitive agreement to be acquired by investment funds affiliated with General Atlantic, L.P. and Stone Point Capital. The sponsors are currently the beneficial owners of approximately 75% of the company’s outstanding shares of common stock. Under the terms of the agreement, the sponsors will acquire all of the outstanding shares they do not already own for $14.35 per share in cash, which implies a total enterprise value of approximately $1.65B. The purchase price represents a premium of approximately 47% over HireRight’s 30-day volume weighted average price per share as of November 17, 2023, the last trading day prior to when the Sponsors indicated that they had agreed to work together regarding a potential strategic transaction involving the company, and an approximate 43% premium to the company’s closing stock price on the same date. The transaction is expected to close in mid-2024, subject to approval by stockholders of a majority of the shares not owned by the Sponsors, receipt of regulatory approvals, including receipt of clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary closing conditions.