Chicago-based Huron Consulting Group is acquiring well-known healthcare consultant Studer Group, in a $325 million deal, creating a healthcare consulting operation that will have more than 1,500 employees, Huron announced Tuesday.
Studer will become part of Huron Healthcare, which accounts for more than 50% of Huron's overall revenue, Huron said. The deal is expected to close in February. Huron is paying $323 million in cash and $2 million in Huron common stock.
The combined companies will have pro forma annual revenue of $904 million and pre-tax earnings of roughly $190 million, Huron said.
Pensacola, Fla.-based Studer Group has roughly 235 full-time employees and works with more than 750 partner hospitals, the firms said.
“Huron and Studer Group will have an even greater impact to improve quality and access while reducing cost," said Quint Studer, founder of the Studer Group, in a statement.
“Our offerings are complementary in all areas of client service to meet the needs of leadership in the emerging healthcare environment. In combination, Huron and Studer Group will bring to hospital and healthcare organizations the 'best of the best' in performance improvement and cultural transformation to truly hardwire excellence," said Barry Graham Porter, chief executive officer and president, Studer Group, in a statement.
Studer sponsors Modern Healthcare's Best Places to Work awards.
Follow John N. Frank on Twitter: @MHJFrank