AUSTIN, Texas–(BUSINESS WIRE)–Hanger, Inc. (NYSE: HNGR), a leading provider of orthotic and prosthetic (O&P) patient care services and solutions, today announced the completion of its previously announced transaction to be acquired by Patient Square Capital, a leading dedicated health care investment firm, in an all-cash transaction. The acquisition was previously announced on July 21, 2022, and Hanger’s stockholders approved the transaction at a Special Meeting of Stockholders held on September 30, 2022.
As a result of the completion of the acquisition, Hanger stockholders will receive $18.75 in cash per share of common stock, and Hanger’s common stock will no longer be traded on the New York Stock Exchange (NYSE). With the closing of the transaction, Hanger will now be a private company and will have more flexibility to invest in future growth initiatives to better serve its patients and customers, while remaining true to its purpose, vision, values, and brand.
“This milestone represents an exciting new chapter for Hanger,” said Vinit Asar, President and Chief Executive Officer, who will continue to lead Hanger. “I would like to thank our entire team for their collective efforts to fulfill our purpose of empowering human potential together, keeping the patient at the center of everything we do. We look forward to partnering with Patient Square Capital to deliver continued growth, innovation, and high-quality care, and positively impact more lives.”
Additional details can be found in a Current Report on Form 8-K to be filed by Hanger with the Securities and Exchange Commission.
About Hanger, Inc.
Headquartered in Austin, Texas, Hanger, Inc. (NYSE: HNGR) provides comprehensive, outcomes-based orthotic and prosthetic (O&P) services through its Patient Care segment, with 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. Recognized by Forbes as one of America’s Best Employers for 2022, and rooted in 160 years of clinical excellence and innovation, Hanger is a purpose-driven company with a vision to lead the O&P markets by providing superior patient care, outcomes, services and value, aimed at empowering human potential.
About Patient Square Capital
Patient Square Capital (www.patientsquarecapital.com) is a dedicated health care investment firm that partners with best-in-class management teams whose products, services and technologies improve health. Patient Square utilizes deep industry expertise, a broad network of relationships and a true partnership approach to make investments in companies grow and thrive. Patient Square invests in businesses that strive to improve patient lives, strengthen communities, and create a healthier world. Patient Square’s team of industry-leading executives is differentiated by the depth of focus in health care, the breadth of health care investing experience, and the network it can activate to drive differentiated outcomes.
