On October 20, Akumin Inc. Reaches Agreement With Stonepeak To Become A Private Company; Existing Stonepeak Note, Totaling ~$470M, Being Cancelled And Converted Into Shares Of The Co, Also Will Invest $130M In New Money To Co As Capital Contribution
Portfolio Pulse from Benzinga Newsdesk
Akumin Inc. (NASDAQ:AKU) has reached an agreement with Stonepeak to become a private company. The deal involves the cancellation and conversion of an existing Stonepeak note worth approximately $470 million into shares of Akumin. Stonepeak will also invest $130 million in new capital into Akumin. The transaction will be implemented through a prepackaged court-supervised process and is expected to be approved within 45 days. Akumin's operations will continue as normal during this period.
October 23, 2023 | 2:43 pm
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Akumin Inc. is going private in a deal with Stonepeak. This could lead to increased financial flexibility and a strengthened balance sheet for Akumin, potentially positioning it for future success.
The deal with Stonepeak will result in Akumin becoming a private company, which could provide it with increased financial flexibility. The conversion of the existing Stonepeak note into shares and the additional investment of $130 million could strengthen Akumin's balance sheet, potentially positioning it for future success. This could have a positive impact on the company's stock in the short term.
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