HireRight, a global provider of background screening services and workforce solutions headquartered in Nashville, Tennessee, announced it is set to be acquired by investment funds affiliated with General Atlantic and Stone Point Capital in a deal valued at approximately $1.65 billion. The transaction is expected to close in the middle of this year.

General Atlantic and Stone Point Capital are currently the beneficial owners of approximately 75% of HireRight’s outstanding shares of common stock. Terms of the transaction call for both firms to acquire all the outstanding shares they do not already own for $14.35 per share in cash.

“We are pleased to have reached this agreement with General Atlantic and Stone Point, which delivers a significant and immediate cash premium to HireRight’s unaffiliated stockholders,” Guy Abramo, president and CEO of HireRight, said in a press statement.

The purchase price represents a premium of approximately 47% over HireRight’s 30-day volume weighted average price per share as of Nov. 17, 2023, the last trading day prior to the announcement that General Atlantic and Stone Point Capital had agreed to work together regarding a potential strategic transaction involving HireRight, and an approximate 43% premium over the company’s closing stock price on the same date.

Founded in 1980, General Atlantic is a global growth investor headquartered in New York. The company has approximately $83 billion in assets under management.

Stone Point is an alternative investment firm based in Greenwich, Connecticut, with more than $50 billion of assets under management.