Press Ganey to be Acquired by Equity Firm EQT

Press Ganey, the South Bend, Ind.-based healthcare consulting and solutions firm, is being acquired by Swedish private equity group EQT in a deal valued at about $2.35 billion.

Press Ganey, known best for providing patient satisfaction surveys, management reports, and national comparative databases for the healthcare delivery system, was founded in 1985 and went public in May 2015. EQT will pay $40.50 in cash per Press Ganey share, for a 20 percent premium of the stock's year-to-date volume-weighted average price, or a 62 percent premium over its initial public offering issue price. The deal is expected to close in the fourth quarter.

Press Ganey has worked with industry groups such as the American Medical Group Association (AMGA) and the American Medical Association (AMA) to develop survey content, methodology, and recommended distribution methods to assess the effectiveness of coordination of care and measure the satisfaction of patients.

Press Ganey shares were flat in premarket trade, but have gained 28 percent in the year to date, while the S&P 500 has gained about 7 percent.