First Advantage to buy Sterling Check for $2.2B; posts Q4/FY23 results

FIRST ADVANTAGE CORP

Acquisition valued at $2.2B inclusive of Sterling debt; $16.73/share cash or 0.979 FA shares, a 35% premium to Sterling's Feb 28 close.
Expected close ~Q3 2024; at least $50M in run-rate synergies with double-digit Adjusted EPS accretion on a synergy basis.
FY23 revenue $763.8M (-5.7% YoY); adjusted diluted EPS $1.00; Q4 adjusted EBITDA $68.2M (margin 33.7%).
Standalone FY24 guidance: revenue $750M-$800M, adjusted EBITDA $228M-$248M, adjusted EPS $0.88-$0.98.
Share repurchase program suspended due to pending acquisition; ended FY23 with $213.8M cash and $564.7M debt.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST ADVANTAGE CORP reported financial results for quarter and year ended December 31, 2023.

Period: quarter and year ended December 31, 2023
Result: reported results

Exact text from the filing

On February 29, 2024, First Advantage Corporation (“First Advantage”) issued a press release announcing its financial results for the quarter and year ended December 31, 2023.

View on SEC.gov

Browse all earnings releases →

FIRST ADVANTAGE CORP filing history →

Source: SEC EDGAR

accession 0000950170-24-022621

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.