Avanos Medical Goes Private as $1.2B Acquisition by American Industrial Partners Closes
Summary
Avanos Medical completed its acquisition by American Industrial Partners for $25.00 per share in cash, totaling ~$1.2 billion. The company is now private, with new debt financing, a new board, and its stock delisted from the NYSE.
Key Events · M&A and Partnerships · AVNS
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Merger Closed
On July 27, 2026, Avanos Medical completed its merger with A-AV MergerSub, Inc., a subsidiary of American Industrial Partners. Each outstanding share of common stock was converted into the right to receive $25.00 in cash, for aggregate consideration of approximately $1.2 billion.
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New Debt Financing
The surviving company entered into a new credit agreement providing a $675 million initial term loan, a $100 million delayed draw term loan, and a $100 million revolving credit facility. The existing credit agreement was terminated and repaid.
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NYSE Delisting
The company notified the NYSE of the merger completion and requested suspension of trading and delisting of its common stock. Trading was suspended on July 27, 2026, and the company intends to deregister its shares.
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Change of Control and Board Overhaul
A change of control occurred, with Avanos becoming a wholly-owned subsidiary of A-AV Holdco I, Inc. All prior directors resigned, and a new board was appointed, including David C. Pacitti as President and CEO.
Analysis · AVNS · Industrial Applications And Services
The merger first announced in April 2026 reached completion on July 27, 2026. Each share of Avanos common stock was converted into $25.00 cash, bringing the total consideration to approximately $1.2 billion. To fund the transaction and ongoing operations, the surviving company entered into a new credit agreement consisting of a $675 million term loan, a $100 million delayed draw term loan, and a $100 million revolving credit facility, while the existing credit agreement was terminated. The NYSE was notified to suspend trading and delist the common stock. A change of control took effect, with all prior directors resigning and a new board and officers appointed. The certificate of incorporation and bylaws were amended and restated. This filing represents the final step in the take-private transaction, fundamentally altering the company's capital structure, governance, and public listing status.
At the time of this filing, AVNS was trading at $24.99 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $1.2B. This filing was assessed with neutral market sentiment and an importance score of 10 out of 10.