T. Rowe Price Makes Strategic Investment in Radiation Detector Company Mirion Technologies
Posted on 02/21/2023
Mirion Technologies, Inc. (NYSE: MIR), a global provider of radiation detection, measurement, analysis and monitoring solutions to the medical, nuclear, defense, and research end markets, announced that it has agreed to sell US$ 150 million of shares of Class A common stock to certain funds and accounts advised by T. Rowe Price Investment Management, Inc.
T. Rowe Price funds and accounts will acquire 17,142,857 registered shares of Mirion stock at US$ 8.75 per share, the closing price of the company’s Class A common stock on the New York Stock Exchange on February 17, 2023. The transaction is expected to close on Thursday, February 23, 2023, subject to customary closing conditions. Mirion intends to use approximately US$ 125 million to pay down debt, while the remaining funds of approximately US$ 25 million (before transaction expenses) are anticipated to be used to fund organic and inorganic growth opportunities.
Thomas Logan, Mirion’s Chief Executive Officer said in a press release, “We are pleased to welcome T. Rowe Price Investment Management as a major shareholder in Mirion. This strategic investment will enable us to immediately strengthen our balance sheet through debt reduction. We expect the combined benefit of debt reduction and decreased interest expense to improve our net leverage ratio to approximately 3.1x by the end of 2023.”
Keywords: T. Rowe Price Group.
