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, 2026.  

Gary Blackford, Avanos Board chair, said, "Our agreement with AIP is a milestone for Avanos that reflects the strong momentum across the business. After careful consideration alongside our independent advisors, we are confident this agreement with AIP represents the right path forward for Avanos and its stockholders. The Board believes this transaction will maximize value for stockholders, create exciting new opportunities for employees, and best position Avanos for long‑term growth and success."

David Pacitti, Avanos' chief executive officer, said, "Over the past several years, we have taken deliberate steps to become a more focused medical technology organization, leaning into the categories where we can deliver the most clinical value. Partnering with AIP will better enable us to build on our progress, advance our innovation roadmap, and strengthen our competitive position with enhanced flexibility and resources. AIP recognizes the strength of our talented employees and the role they serve in addressing today's most important healthcare needs. I look forward to working with AIP as the Avanos team begins a new chapter, marked by growth and compelling benefits for employees, patients, customers, and all our stakeholders."

Joel Rotroff, Partner at AIP, said, "Avanos is a differentiated medical technology company with strong positions in attractive categories and a compelling platform for continued growth. We look forward to partnering with the Avanos team to build on the Company's momentum and support the next phase of innovation and commercial execution."

Sunny Li, Partner at AIP, added, "We have been impressed by the work the management team has done to position Avanos for growth, as well as by the strength of the Company's people and products. We believe this partnership, together with AIP's deep operational capabilities, will help advance management's vision and position Avanos for long-term success."

Transaction Details

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, 2026, at 9:00 a.m. ET.

Advisors

J.P. Morgan Securities LLC is serving as lead financial advisor and Alston & Bird, LLP, is serving as legal counsel to Avanos. UBS Investment Bank also served as a financial advisor to Avanos. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Avanos.

Sidley Austin LLP is serving as legal counsel to AIP and Baker Botts LLP is serving as regulatory counsel to AIP.