SelectQuote (SLQT) said Monday it signed an agreement for $350 million in investment from funds managed by Bain Capital, Morgan Stanley Private Credit, and Newlight Partners.
The company said the strategic investment will enable it to restructure its balance sheet, reduce annual debt servicing costs, and boost liquidity and flexibility for growth opportunities.
The transaction is anticipated to close on Feb. 28.
SelectQuote also appointed Chris Wolfe, a managing director at Bain Capital Insurance, and Srdjan Vukovic, a partner at Newlight Partners, will be joining its board upon closing of the transaction.
SelectQuote shares jumped nearly 32% in recent after-hours activity.
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