Healthcare investment firm Patient Square Capital plans to acquire Hanger, an Austin, Texas-based orthotic and prosthetic devicemaker, for $1.25 billion.
After the deal is closed, Hanger will be privately owned. Pending stockholder and regulatory approval, the companies expect the transaction to finalize at the end of the fourth quarter of 2022, according to a July 21 press release.
"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," Vinit Asar, Hanger's president and CEO who will continue his role after the deal, said in a statement. "They share the same long-term vision for our company, which makes them an excellent partner for the next phase of our journey."