Centerbridge Partners To Buy Civitas Solutions For Enterprise Value Of $1.4 Bln

(RTTNews) - Centerbridge Partners L.P will acquire Civitas Solutions Inc. (CIVI) for $17.75 in cash per share of Civitas common stock, resulting in an enterprise value of approximately $1.4 billion.

The offer price represents a 27% premium to the 30-day volume-weighted average price as of December 18, 2018.

The agreement was unanimously approved by Civitas' Board of Directors, which has recommended that the shareholders vote in favor of the transaction. Completion of the transaction is subject to shareholder approval, expiration or termination of waiting periods under Hart-Scott-Rodino Antitrust Improvements Act, and other customary closing conditions.

The acquisition is expected to be completed by the end of the Company's second fiscal quarter.