Patient Square Capital is set to acquire Premier, a technology-powered healthcare improvement company, in a deal valued at $2.6bn.

Premier’s board of directors unanimously approved the agreement. The company's shareholders will receive $28.25 per share in cash, reflecting a premium of 23.8% to its 60-day volume-weighted average price.

Premier president and CEO Michael Alkire said: "Since going public in 2013, Premier has leveraged our access to capital to build unmatched supply chain expertise, world-class technology, and nationally recognised advisory capabilities that enable our members to continuously improve their cost, quality, and operational efficiencies.”

"Now, as the healthcare landscape continues to rapidly evolve, transitioning to private ownership will once again enhance the company's financial flexibility and provide additional resources to accelerate the advancement and tech-enablement of our product portfolio, capitalise on emerging opportunities and continue pushing the envelope of innovation."

The transaction will remove Premier’s ordinary shares from public markets on completion, which is expected in the first quarter of 2026. It does not require financing conditions.

Patient Square founding partner Neel Varshney said: "We have long admired Premier as an innovator of essential services and products to its members, which are leading institutions and providers in the US healthcare system.”

“Our team sees tremendous opportunity for Premier to continue growing its differentiated portfolio in supply chain services, data and technology offerings, and consulting solutions that deliver value to patients, and we look forward to working closely with the team as a private company."

The deal is subject to Premier’s shareholders' approval, regulatory clearances and other closing conditions.

Goldman Sachs and BofA Securities are acting as financial advisers to Premier while Kirkland & Ellis is advising Patient Square on the acquisition.