O&P giant Hanger to be acquired

AUSTIN, Texas – Hanger, a national provider of O&P, announced today that it has entered into an agreement to be acquired by Patient Square Capital, a dedicated health care investment firm, for approximately $1.25 billion. 

Under the terms of the agreement, Hanger stockholders will receive $18.75 in cash per share, representing an approximate 29% premium to the 30-calendar day volume-weighted average price (VWAP) ending July 20, 2022. Upon completion of the transaction, Hanger will become a privately held company and its common stock will no longer be traded on the New York Stock Exchange. 

“I’m very pleased to be announcing this agreement today as the transaction will result in immediate and substantial value creation for our stockholders,” said Vinit Asgar, president and CEO of Hangar. “This transaction represents a culmination of an extensive review by our board of directors of strategic alternatives to provide value to our stockholders and to offer financial flexibility for our company to pursue future growth initiatives. Patient Square Capital recognizes the value of our brand and the quality of our world-class team and is grounded in similar values that guide our actions. They share the same long-term vision for our company, which makes them an excellent partner for the next phase of our journey.” 

Hanger has approximately 875 Hanger Clinic locations nationwide. Through its Products & Services segment, Hanger distributes branded and private label O&P devices, products and components, and provides rehabilitative solutions.  

Patient Square says it uses deep industry expertise, a broad network of relationships and a true partnership approach to make investments in companies grow and thrive.