Performant Healthcare to be acquired by Machinify for $670M

Performant Healthcare (PHLT) announced its entry into a definitive agreement to be acquired by Machinify which has agreed to acquire Performant for approximately $670M. Under the terms of the merger agreement, Performant stockholders will receive $7.75 in cash for each share of Performant common stock outstanding at the closing of the transaction. The per share price represents a premium of approximately 139% to the Performant 90-day volume weighted average price of $3.25 per share calculated as of market close on July 31. The transaction is expected to close by the end of 2025, subject to the satisfaction of customary closing conditions, including approval by Performant’s stockholders and receipt of applicable regulatory approvals. Prior to the closing of the transaction, Performant is required to operate its business in the ordinary course. In addition, following the closing of the transaction, Performant’s shares will be delisted from Nasdaq. The transaction has been unanimously approved by the board of directors of Performant.