HireRight $1.65 billion acquisition by General Atlantic and Stone Point Capital
We are advising the special committee of HireRight on the transaction
Davis Polk is advising the special committee of the board of directors of HireRight Holdings Corporation in connection with HireRight’s acquisition by investment funds affiliated with General Atlantic, L.P. and Stone Point Capital LLC. Under the terms of the acquisition, General Atlantic and Stone Point will acquire all of the outstanding shares of HireRight they do not already own for $14.35 per share in cash, which implies a total enterprise value of approximately $1.65 billion. The transaction is expected to close in mid-2024, subject to approval by holders of a majority of the shares not owned by General Atlantic and Stone Point, receipt of regulatory approvals, including receipt of clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary closing conditions.
Founded in 1995, and headquartered in Nashville, Tennessee, HireRight is a global provider of technology-driven workforce risk management and compliance solutions.
General Atlantic is a New York City-based private equity firm with more than four decades of experience, providing capital and strategic support for over 500 growth companies throughout its history. General Atlantic has more than $77 billion in assets under management as of June 30, 2023.
Stone Point is a financial services-focused private equity firm based in Greenwich, Connecticut, with over $45 billion in assets under management.
The Davis Polk corporate team includes partners John D. Amorosi and Oliver Smith and counsel Lisa Ogust Cammer. Partner Jennifer S. Conway and associate Justin Alexander Kasprisin are providing executive compensation advice. Partner Kara L. Mungovan is providing tax advice. Partner Robert F. Smith is providing sponsor finance advice. Partner Frank J. Azzopardi is providing intellectual property advice. Partner Jesse Solomon is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.