firm EmCare has purchased
Fort Lauderdale, Fla.-based Phoenix Physicians in a $170 million cash transaction.
EmCare, a subsidiary of publicly traded Envision Healthcare, also will assume certain liabilities, according to filings with the Securities and Exchange Commission
. The deal is expected to close by the end of June.
Phoenix Physicians specializes in outsourcing emergency department and other physician specialty services. The firm includes more than 500 physicians and clinicians, and serves 21 acute-care hospitals in six states.
The deal is expected to boost Envision Healthcare's revenue by $125 million annually, a modest addition to overall company revenue. In fiscal 2013, Envision posted net income of $6 million on revenue of more than $3.7 billion. EmCare represented almost $2.4 billion of total revenue.Follow Bob Herman on Twitter: @MHbherman