Sterling Check soars on $2.2 bln takeover deal by First Advantage

First Advantage

29/02/2024 11:42

** Shares of background screening service companies Sterling
Check  STER.O  rise 28% to $15.90, while First Advantage  FA.O 
down 5% at $16.00 premarket
    ** FA to buy STER in a cash-and-stock deal valued at $2.2
billion
    ** STER shareholders are expected to own ~16% of the
combined company after the close of the deal, while FA investors
will own about 84%
    ** Transaction is expected to close in the Q3 of 2024
    ** Up to last close, STER stock had fallen ~11%, and FA
stock up ~2% YTD

 (Reporting by Priyanka.G)
 ((Priyanka.g@thomsonreuters.com))