RTTNews | Feb 16, 2021 10:40AM EST

10:40 Tuesday, February 16, 2021 (RTTNews.com) - Shares of infrastructure maintenance, rehabilitation and protection solutions provider Aegion Corporation (AEGN) are rising more than 20% Tuesday morning on the news of it getting acquired by affiliates of New mountain capital, for about $963 million.

As per the merger deal, New mountain capital, an investment firm, will buy all outstanding shares of Aegion for $26 per share in cash, about 21% premium over Aegion's closing price of $21.45 on February 12, 2021 .

The transaction, that will make Aegion private, is expected to close in the second quarter of 2021.

AEGN touched a new high of $26.44 this morning before declining to trade at $25.99 currently.

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