KKR is buying physician services provider and surgery center operator Envision Healthcare Corp. for $5.57 billion.
The private equity firm will pay $46 in cash for each share of Envision’s stock in a deal the companies aim to close in the fourth quarter. Including debt, the deal is worth $9.9 billion.
In June 2016, Envision Healthcare Holdings Inc., then based in Greenwood Village, merged with Nashville-based AmSurg Corp in a deal that created a health-services provider worth about $10 billion, according to a Denver Post report.
Envision is based in Nashville, according to Monday’s stories. The company indicated after the merger with AmSurg it would maintain offices in Colorado, and its website shows jobs available Monday in Greenwood Village.
Envision announced last fall that it would review its strategic options. Envision said Monday that its board and financial advisers looked at acquisitions, contacted 25 potential buyers and considered keeping Envision as a stand-alone business. They determined that the KKR deal offered the best chance to maximize shareholder value.
KKR already owns Envision’s ambulance unit AMR, which it bought for $2.4 billion last year and merged with its helicopter ambulance service, a Reuters report said.
The companies said the share price in this deal is a 32-percent premium to the volume-weighted average price the day after the company said it would review strategic options.
Envision shares advanced more than 2 percent, or $1.04, to $44.68 by midday Monday after the companies announced their deal.
Envision contracts with hospitals and health systems to provide doctors and clinicians for emergency medicine, anesthesiology and radiology, among other specialties. It also owns 261 surgery centers and a surgical hospital.
If KKR completes the deal, Envision will become a private company, and its shares will no longer trade on the New York Stock Exchange.
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