Medical device maker Hanger to be taken private in $1.25 billion deal

Medical devices maker Hanger Inc said on Thursday it has agreed to be taken private by healthcare investment firm Patient Square Capital in a deal worth about $1.25 billion.

Under the terms of the agreement, which has been unanimously approved by Hanger's Board of Directors, the prosthetic care provider's stockholders will receive $18.75 per share in cash, representing a 27% premium to stock's closing price on Thursday. Hanger, headquartered in Austin, Texas, provides products and services that assist in enhancing or restoring the physical capabilities of patients with disabilities or injuries.

The transaction is expected to close in the fourth quarter of 2022 and Vinit Asar, the current Chief Executive Officer of Hanger, will continue to lead the company.