Avanos Acquired by American Industrial Partners for Approximately $1.27B

Avanos announced it has entered into a definitive agreement to be acquired by affiliates of American Industrial Partners in an all-cash transaction that values Avanos at an enterprise value of approximately $1.27B. Under the terms of the agreement, Avanos stockholders will receive $25.00 per share in cash for each share of common stock they own. The per share purchase price represents a premium of approximately 72.1% to the company's closing stock price on April 13, 2026, the last full trading day prior to the announcement of the transaction, and an 82.8% premium to the company's 30-day volume-weighted average share price for the period ended April 13. The acquisition was unanimously approved by Avanos' board of directors and is expected to close in the second half of 2026, subject to customary conditions, including approval by Avanos stockholders and expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as the receipt of other regulatory approvals. The transaction is not subject to a financing condition. Upon completion of the transaction, Avanos will become a private company and Avanos common stock will no longer be listed on the New York Stock Exchange. Avanos will remain headquartered in Alpharetta, Georgia. As a result of the transaction, Avanos has postponed its 2026 annual meeting of stockholders, which was previously scheduled for April 21 at 9:00 a.m. ET.