TeamHealth Holdings Inc. said Monday it has agreed to be acquired by private-equity firm Blackstone in a deal valued at about $6.1 billion. Blackstone will pay $43.50 per TeamHealth share in cash, equal to a premium of about 33% over TeamHealth’s closing price on Oct. 3, the last trading day before news reports that the company was considering a sale. TeamHealth offers outsourced emergency medicine, hospital medicine, critical care, anesthesiology, orthopedic hospitalist, acute care surgery, obstetrics and gynecology hospitalist, ambulatory care, post-acute care and medical call center solutions to approximately 3,400 acute and post-acute facilities and physician groups nationwide. The deal is expected to close in the first quarter of 2017. Shares were halted in premarket trade, but are down 16% in the year to date, while the S&P 500 has gained 4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News