secwatch.observer — SEC 8-K summary
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Issuer:     FIRST ADVANTAGE CORP (FA)
CIK:        0001210677
Form:       8-K
Filed at:   2024-03-01T23:59:59+00:00
Accession:  0000950170-24-023541
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Advantage to acquire Sterling Check; $16.73 cash or 0.979 FA shares per share, 72% cash/28% stock proration
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- Specified stockholders owning 52.8% of Sterling delivered written consent; no further stockholder vote required.
- Expected closing Q3 2024, subject to HSR, foreign investment clearances, and other customary conditions.
- First Advantage secured $1.82B incremental term loan and $150M revolver commitment to finance the deal.
- Termination fees: $66.3M from Sterling for superior proposal; $60M/$90M from FA if antitrust fails; $100M if FA fails to close.
- Joshua Peirez, Sterling CEO, to be offered a seat on First Advantage's board at closing.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1210677/000095017024023541/0000950170-24-023541-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1210677/000095017024023541/fa-20240228.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-023541

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