Sterling Check soars on $2.2 bln takeover deal by 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))
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