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Latham & Watkins Advises Patient Square Capital on the Key Healthcare Regulatory, Antitrust, and Government Contract Aspects of its Acquisition of Hanger, Inc.

July 22, 2022
A Latham healthcare regulatory, antitrust, and government contracts team advises on the US$1.25 billion transaction.

Hanger, Inc. (NYSE: HNGR), a leading provider of orthotic and prosthetic (O&P) patient care services and solutions, has announced that it has entered into a definitive agreement to be acquired by Patient Square Capital, a dedicated health care investment firm. Under the terms of the agreement, which has been unanimously approved by Hanger’s Board of Directors, Hanger stockholders will receive US$18.75 in cash per share, representing an approximately 29% premium to the 30 calendar day volume-weighted average price (VWAP) ending July 20, 2022, and a total enterprise value of approximately US$1.25 billion. Upon completion of the transaction, Hanger will become a privately held company, and its common stock will no longer be traded on the New York Stock Exchange (NYSE).

Latham & Watkins LLP represents Patient Square Capital in key healthcare regulatory, antitrust, and government contract aspects of the transaction. The healthcare regulatory team was led by Washington, D.C. partner Stuart Kurlander along with Washington, D.C. partner Eric Greig, Bay Area partner Heather Deixler and Washington, D.C. partner Elizabeth Richards, with Bay Area counsel Betty Pang, Washington, D.C. associates Margaret Rote and Danny Machado, Boston associate Lee Staley and Houston associate Chad Leiper. The Latham antitrust team was led by Washington, D.C. partner Makan Delrahim and New York partner Katherine Rocco, with Washington, D.C. associate Caitlin Fitzpatrick. The Latham government contracts team was led by Washington, D.C. partner Kyle Jefcoat.