Affiliates of New Mountain Capital Acquire Aegean Corporation

Aegean Corporation (AEGN) announced on February 16 that the company entered into a definitive agreement for an acquisition by affiliates of New Mountain Capital, LLC. Aegean’s stockholders will receive a cash payout of $26 per share, which is a 28% premium over the stock’s 30-day moving average price. The deal values the enterprise at $963 million including net debt. Aegean is a leading provider of infrastructure, maintenance, rehabilitation, and protection solutions. Aegean will become a private company after the completion of the acquisition in the second half of 2021.

 

Jet Equities detected the event and sent an alert at 8:45 am. The last trade took place at the market close on the previous day for $21.45. Aegean’s stock price spiked above $27 before pulling back in the first hour of trading. The stock closed at $26.57 for an event-day gain of 24%.

 

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