The private equity firms announced the completion of the all-cash deal for the clinical research organization today. The close follows an approval vote from shareholders last week. At the Nov. 30 shareholders meeting at PPD’s Wilmington, North Carolina headquarters, 75.6 percent of total outstanding shares of the company were voted in favor of the deal, which will pay shareholders $33.25 cents per share. That price is nearly 30 percent higher than PPD’s share price before the acquisition was announced in October.
PPD is among the largest CROs in the industry. The company, which went public in 1996, currently employs more than 11,000 in 44 locations around the world. It is still not clear what role if any CEO Ray Hill will have at the company. Hill joined PPD in September just prior to the announcement of Caryle and H&F’s acquisition of the CRO.
PPD shareholders last week also gave their approval to $21.2 million in golden parachute compensation to executives upon completion of the sale, which includes $3 million for Hill if he is in fact departing the company. PPD had said in securities filings that through Nov. 11, no members of PPD’s management team had been offered positions under the new owners, but the company expected that discussions with management would start before the deal closed.