After its merger with Federal Street Acquisition Corp. is finalized, Universal Hospital Services, a medical equipment management and services company, will go public, the companies announced Aug. 13.
Here are four things to know:
1. UHS' parent company, owned by investment firm Irving Place Capital Management, entered into a merger agreement with Federal Street Acquisition, a special-purpose acquisition company, sponsored by private equity firm Thomas H. Lee Partners.
2. Under the terms of the agreement, the combined company will operate under the name Agiliti Inc. Once the deal is finalized, the company will apply to have its common stock and warrants listed on the Nasdaq exchange.
3. UHS CEO Tom Leonard will remain at the helm of the combined company. The remainder of UHS management team will also keep their positions.
4. The deal values UHS at $1.74 billion. UHS provides hospitals with medical equipment plus offers services and technology for managing inventory, compliance and repairs.
5. The company initially said it would go public back in 2001, but delayed its plans multiple times, according to the Minneapolis/St. Paul Business Journal.