JLL Partners Completes Acquisition of PharmaNet
The merger followed the successful completion of JLL’s tender offer to purchase all outstanding PharmaNet shares at a price of $5 per share in cash. The transaction valued the company’s stock at approximately $100 million.
JLL financed the deal with a $250-million equity commitment, including funds to retire the $144 million principal amount of PharmaNet’s outstanding convertible notes. The common stock of PharmaNet ceased trading on the NASDAQ Global Select Market prior to the opening of the market today.