Private equity firms GTCR LLC and The Carlyle Group LLC are acquiring N.Y.-based Albany Molecular Research Inc. for $21.75 per share in cash.
The cash consideration represents a 42% premium to the 60-day weighted average closing stock price as of April 5, the last trading day prior to public rumors regarding a potential sale process.
The Albany Molecular board has unanimously approved the deal and has recommended shareholders to vote in favor of it. The acquisition is subject to customary closing conditions and is expected to close during the third quarter.
The transaction will be financed through a combination of debt and equity financing.
Credit Suisse Securities (USA) LLC and Goodwin Procter LLP are advising Albany Molecular on the deal.
Latham & Watkins LLP, Barclays and Morgan Stanley & Co. LLC are advising Carlyle. GTCR is being advised by Kirkland & Ellis LLP and RBC Capital Markets LLC.