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Goldman and EQT AB to Buy Parexel for $8.5 Billion
By: TheStreet | July 2, 2021

• EQT AB and Goldman Sachs Group agree to acquire Parexel International from Pamplona Capital Management.

Swedish private-equity firm EQT AB and Goldman Sachs Group's (GS) investment arm said Friday they will buy clinical research company Parexel International from Pamplona Capital Management for $8.5 billion, including debt.

Parexel had drawn interest from about 10 parties, including
other private-equity firms and drug distributor
AmerisourceBergen (ABC), Bloomberg said.

Founded in 1982, Parexel is headed by Jamie Macdonald, who had previously been a senior adviser to EQT and will remain chief executive.

Pamplona Capital agreed in 2017 to acquire Parexel International for an enterprise value $5 billion and take the company private. Last year, Paraexel made a list of 11 best companies with remote jobs.

"We have followed Parexel closely during the past few years and have been impressed by the company’s development and trajectory," Eric Liu, partner and Global Co-Head of Healthcare at EQT, said in a statement. "We are excited to partner with Goldman Sachs for the next stage of Parexel’s journey, and to back Jamie, who prior to his role at Parexel had been a long-time senior adviser to EQT, as well as the rest of the Parexel team.”

Goldman Sachs Asset Management is the primary investing area within the bank and oversees roughly $2 trillion, according to the Wall Street Journal.

Its other healthcare investments include a manager of optometry services it purchased in 2019 and Datavant, a healthcare data-management company it invested in last month.

"We believe this investment will accelerate Parexel’s growth as it builds on the company’s global footprint, strong operational capabilities and expansive healthcare network," said Jo Natauri, partner and global head of private healthcare investing within Goldman Sachs Asset Management.

EQT oversees 67 billion euros ($79 billion) in assets and its focuses include real estate, technology, infrastructure and healthcare.

In April, Goldman posted stronger-than-expected results for the first quarter, helped by surging investment bank revenue. The bank's shares traded at $374.31, down about 0.2% at last check.

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