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Ardian s North America Direct Buyouts Completes Transaction, Positioning PRGX to Expedite Technology Roadmap and Accelerate Growth
Michael Lustig Named PRGX CEO
ATLANTA and NEW YORK, March 04, 2021 (GLOBE NEWSWIRE)
Ardian, a world-leading private investment house, and
PRGX Global, Inc. ( PRGX ), a global leader in recovery audit and spend analytics services, announced the completion of Ardian s acquisition of PRGX.
In addition, Michael Lustig has been named PRGX s new Chief Executive Officer. Mr. Lustig, who serves as an advisor to Ardian, has over 15 years of experience in the source-to-pay industry, including having served as CEO of Apex Analytix, and during a prior tenure, as President and Chief Operating Officer of PRGX. He succeeds Ron Stewart, who will rejoin PRGX s board of directors.
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$195 million
Transaction expected to accelerate technology roadmap and fuel growth
ATLANTA and NEW YORK, Dec. 24, 2020 (GLOBE NEWSWIRE) PRGX Global, Inc. (NASDAQ:PRGX), a global leader in recovery audit and spend analytics services, and Ardian, a world-leading private investment house, today announced that they have entered into a definitive agreement for Ardian to acquire PRGX. The transaction is led by Ardian s North America Direct Buyouts team.
Under the terms of the agreement, Ardian will pay PRGX shareholders $7.71 per share in cash for each share of PRGX s common stock they hold, which represents a 32.7% premium to the PRGX volume-weighted average price for the 90 trading days preceding the public announcement of the transaction with Ardian. The all-cash transaction, subject to completion, is valued at approximately $195 million. The members of the PRGX Board of Directors are unanimously in favor of the transaction, which was approved at a special meeting of the