AmSurg Corp., Nashville, and National Surgical Care, Dallas, lowered the price at which AmSurg will buy National Surgical by $38.5 million to $135 million in cash in a revision to a definitive agreement unveiled in April, according to a news release from AmSurg.
Price for National Surgical falls to $135 million
The revised definitive agreement calls for an added payment of up to $7.5 million in cash if the purchased assets exceed specified targets for 2012, according to the release.
The price was dropped to reflect the fact that two of the surgery centers were dropped from the deal, with physicians purchasing the centers instead, said Christopher Holden, AmSurg president and CEO. The deal is expected to be completed on or about Sept. 1.
The assets to be purchased include 15 multispecialty surgical centers and two gastroenterology centers. One of the multispecialty centers will be held for potential sale to the center's physicians under a change-of-control provision in their existing partnership agreement, according to the release. The other 16 centers produced revenue for the year ended June 30 of approximately $108 million, AmSurg's release said.
On June 30, AmSurg, which partners with physicians in owning and operating ASCs, owned a majority interest in 208 centers in operation and had one center under development.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.