Premier Closes $2.6B Take-Private Deal with Patient Square Capital

Premier, a leading healthcare services and group purchasing organization, has officially gone private in a $2.6 billion acquisition by Patient Square Capital, a healthcare-focused investment firm. The deal, which closed earlier than anticipated on November 26, 2025, marks the end of Premier's decade-long run as a public company on the Nasdaq stock exchange.

Deal Structure and Financial Details

Under the terms of the agreement, Premier stockholders will receive $28.25 in cash per share. The acquisition, initially announced in September, values the company at $2.6 billion and comes after years of strategic review by Premier's management.

The closure of this deal represents a significant shift for Premier, which has faced financial headwinds and declining revenue in recent years. In its last reported quarter ending September 30, Premier saw a 3% year-over-year decline in revenue to $240 million, with net income from continuing operations plummeting 79% to $15.3 million from $72.9 million in the prior-year period.

Corporate Restructuring and Asset Divestiture

As part of its strategic realignment, Premier has undergone significant restructuring:

1. The company has divested its non-healthcare GPO operations and holdings in S2S Global, a healthcare and foodservice company.
2. Premier is in the process of winding down operations at Contigo Health, its employee health benefits subsidiary.
3. The board of directors has resigned as part of the purchase agreement, with CEO Michael Alkire and CFO Glenn Coleman remaining as directors of the now privately held entity.

Premier will continue to operate as a wholly owned subsidiary of Patient Square Capital, leveraging its new owner's expertise in healthcare investments to navigate the evolving landscape of healthcare services and technology.

Industry Implications and Patient Square's Portfolio

The acquisition of Premier adds a significant asset to Patient Square Capital's healthcare-focused portfolio, which includes:

• ChenMed, a value-based primary care provider
• Access Telecare, an acute care telemedicine firm
• CorroHealth, a revenue cycle management company

This strategic move by Patient Square Capital underscores the growing trend of private equity investments in healthcare services and technology companies, as investors seek to capitalize on the sector's transformation and potential for innovation.