IN BRIEF: HgCapital Trust gains from Intelerad sale to GE Healthcare

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HgCapital Trust PLC - provides access to private equity investments of manager Hg - Hg makes full exit from Intelerad Medical Systems Inc, selling its majority stake to GE Healthcare Technologies Inc in a deal that values Intelerad at $2.3 billion. Minority shareholders TA Associates and Ardan Equity also exit. Raleigh, North Carolina-based Intelerad provides medical imaging software for radiologists and clinicians.

‘By joining GE HealthCare, we can combine our innovative, cloud-based imaging solutions with GE’s global reach and scale,’ comments Intelerad Chief Executive Officer Jordan Bazinsky. ‘We’re grateful to Hg for their strategic support over the past five years.’

HgCapital Trust says the sale values its own stake in Intelerad at £52 million, a premium to its £32 million carrying value as of September 30. This represents a 4.4 pence per share uplift for the investment trust. Following the Intelerad deal, HgCapital Trust says its new pro-forma net asset value will be £2.5 billion, or 553.9p per share.

Current stock price: 464.02p for £2.12 billion market capitalisation

12-month change: down 14%

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