Premier acquired by Patient Square Capital in $2.6bn deal

December 2025 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

December 2025 Issue

Premier Inc., a technology-driven healthcare improvement company, is set to be acquired by an affiliate of private equity firm Patient Square Capital in a transaction valued at $2.6bn. The deal, which will take Premier private, was announced on 22 September 2025 and has been unanimously approved by Premier’s board of directors.

Under the terms of the agreement, Premier shareholders will receive $28.25 in cash per share. This represents a 23.8 percent premium over the company’s 60-day volume-weighted average share price as of 5 September 2025. The transaction is expected to close in the first quarter of 2026, subject to shareholder approval, regulatory clearance and customary closing conditions. It is not subject to a financing contingency.

Upon completion, Premier will become a privately held company, and its common stock will be delisted from public exchanges.

“We are pleased to have reached this agreement and delighted that Patient Square recognises and is committed to enhancing Premier’s integral role in the US health care system,” said Richard Statuto, chair of Premier’s board. “The board unanimously approved this transaction after careful consideration of a wide range of strategic alternatives and consultation with our financial and legal advisers.”

Premier, headquartered in Charlotte, North Carolina, plays a significant role in the US healthcare sector. The company connects providers, suppliers, payers and policymakers to improve healthcare delivery through data analytics, supply chain solutions, consulting services and collaborative programmes. It supports more than two-thirds of US healthcare providers and manages over 3000 active contracts with more than 1400 suppliers and manufacturers.

Since its public listing in 2013, Premier has used its access to capital to develop advanced supply chain capabilities, proprietary technology platforms and nationally recognised advisory services. According to Michael J. Alkire, president and chief executive at Premier, the transition to private ownership will provide the company with greater financial flexibility and enable it to accelerate innovation and expand its service offerings.

“Now, as the healthcare landscape continues to evolve, transitioning to private ownership will once again enhance the company’s financial flexibility and provide additional resources to advance our product portfolio, capitalise on emerging opportunities, and continue pushing the boundaries of innovation,” Mr Alkire said.

Patient Square Capital, a healthcare-focused investment firm with over $14bn in assets under management, specialises in partnering with growth-oriented companies that deliver products and services aimed at improving health outcomes.

“We have long admired Premier as an innovator of essential services and products to its members, which are leading institutions and providers in the US healthcare system,” said Neel Varshney, founding partner of Patient Square. “Our team sees tremendous opportunity for Premier to continue growing its differentiated portfolio in supply chain services, data and technology offerings, and consulting solutions that deliver value to patients. We look forward to working closely with the team as a private company.”

Premier has suspended its dividend payments for the current and future quarters in connection with the transaction.

Goldman Sachs & Co. LLC and BofA Securities, Inc. are serving as financial advisers to Premier, with Wachtell, Lipton, Rosen & Katz acting as legal counsel. Joele Frank is providing strategic communications support, and Cravath, Swaine & Moore LLP is advising the board’s transaction committee.

Patient Square Capital is being advised by Jefferies LLC and Santander on financial matters, with Kirkland & Ellis LLP serving as lead legal counsel and Ropes & Gray providing healthcare regulatory advice. Perella Weinberg Partners LP is acting as debt capital markets adviser.

“We believe this transaction is in the best interests of Premier and will deliver immediate and certain value to our shareholders, while also providing the company with access to additional capital to support its members and customers during this critical time in healthcare,” stated Mr Statuto.

Fraser Tennant