Akumin to Go Private in Deal With PE Firm Stonepeak

Dow Jones

2023/10/21

By Ben Glickman

Akumin agreed to be taken private by private-equity firm Stonepeak in a prepackaged chapter 11 case.

Plantation, Fla.-based Akumin said Stonepeak's note, totaling $470 million, would be cancelled and converted to shares of Akumin. Stonepeak will also invest $130 million into Akumin.

The outpatient radiology and oncology company said it expected court approval for the deal within 45 days with no disruption of operations.

Current Akumin shareholders will receive $25 million in cash and certain contingent value rights for their stock.

The company announced in August that its board had formed a committee to explore strategic initiatives related to its capital structure.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

October 20, 2023 17:18 ET (21:18 GMT)

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