Accelerant Q2 Profit Soars 511% as Thoma Bravo Buyout Locks In $20.25/Share
ARX has more than doubled off its 52-week low of $9.18 on elevated volume (18× avg).
Summary
Accelerant's Q2 net income jumped to $80 million from $13.1 million a year earlier, with revenue up 63% to $356.9 million, beating the $279.2 million consensus. The company also repurchased $66 million of stock during the quarter. This comes on the same day Thoma Bravo agreed to acquire Accelerant for $20.25 per share in cash, a 49% premium. The earnings beat and buyout premium together drove shares up 44% to $19.54. The deal values the company at over $4 billion and is expected to close subject to shareholder and regulatory approvals.
At the time of this announcement, ARX was trading at $19.54 on NYSE in the Finance sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $9.18 to $30.48. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.