ICON to Acquire PRA Health Sciences

ICON PLC has agreed to acquire PRA Health Sciences Inc. PRAH, 18.41% in a cash and stock deal valued at about $12 billion. Under the terms of the deal. Icon will pay $80 per share in cash plus 0.4125 shares of Icon stock for a roughly 30% premium over PRA's closing price Tuesday.

The deal is expected to close in the third quarter. The combined company will be headquartered in Dublin and continue to be led by CEO Steve Cutler, and CFO Brendan Brennan.