Bowman Consulting agrees to go private in $1 billion deal; shares jump
BWMN•Deal to take Bowman Consulting private
Shares of Bowman Consulting Group BWMN.O soared about 56% to $42.28 premarket after the engineering and program management company said it had agreed to be acquired by private equity firm Bernhard Capital Partners for $43/share in cash, in a deal valued at about $1 billion.
The offer represents a roughly 58% premium to BMWN's last close.
The transaction is expected to close in Q426 or Q127.
Quarterly results and stock performance
BWMN also reported Q2 EPS of 14 cents, up from 34 cents a year earlier.
Second-quarter gross contract revenue rose 16% to $272.6 million on a year-ago basis.
As of the last close, the stock had fallen 17.5% year to date.
