AmSurg Corp., Nashville, has signed a definitive agreement to acquire fellow ambulatory surgery operator National Surgical Care for $173.5 million, according to an AmSurg news release.
AmSurg Corp. to acquire National Surgical Care for $173.5 million
Dallas-based National Surgical Care owns 18 ambulatory surgery centers, including 16 multispecialty centers and two that specialize in gastrointestinal surgeries, according to the release. The company had revenue of $124.5 million and earnings before interest, taxes, depreciation and amortization of $21.5 million in 2010, according to the release.
AmSurg expects to complete the deal by June 30, subject to receiving necessary regulatory approvals, including antitrust clearance from the Federal Trade Commission under the Hart-Scott-Rodino Act. AmSurg plans to use cash on hand and additional borrowings under its revolving credit facility to finance the acquisition, according to the release.
As of Dec. 31, AmSurg owned a majority interest in 204 ambulatory surgery centers in continuing operations and one center that is under development.
National Surgical Care was founded in 2002 by the late Timothy Geary, who also co-founded National Surgery Centers, which was sold to HealthSouth Corp., Birmingham, Ala., in 1998 for $590 million in stock. J.P. Morgan Partners and Brazos Private Equity Partners were among the original investors in National Surgical Care.
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