secwatch.observer — SEC 8-K summary
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Issuer:     FIRST ADVANTAGE CORP (FA)
CIK:        0001210677
Form:       8-K
Filed at:   2024-02-29T23:59:59+00:00
Accession:  0000950170-24-022621
Event type: m_and_a
Sentiment:  positive
Materiality: 0.92
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1210677/000095017024022621/0000950170-24-022621-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1210677/000095017024022621/fa-20240229.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-022621

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