Issue link: https://beckershealthcare.uberflip.com/i/1013711
23 JOINT VENTURES KKR acquiring Envision Healthcare for $9.9B — 6 insights By Eric Oliver K KR announced plans to acquire Nash- ville, Tenn.-based Envision Healthcare for about $9.9 billion, or $46 per share, in June. Here's what you should know: 1. e acquisition was unanimously ap- proved by Envision's board of directors. Aer low third-quarter 2017 earnings, Envi- sion began an internal review to "enhance shareholder value." Envision's board said a company sale was being considered. Agree- ing to be acquired by KKR is the culmination of that review. 2. rough the last seven months, the board examined a stream of options, including capital structure alternatives, potential acquisitions, portfolio optimization, a potential sale and continued operation as a standalone business. 3. Envision's board reached out to 25 separate buyers through the process. 4. According to a release, "e Board de- termined that the KKR proposal presented the best opportunity to maximize value for shareholders." 5. e transaction is expected to close in the fourth quarter of 2018. Envision will be seek- ing shareholder approval at its 2018 annual meeting, which will be held no later than Oct. 1. If the transaction is successful, Envi- sion will become a privately owned company. 6. Envision President, CEO and Director Christopher Holden said, "Envision's leader- ship team — including both the board and management — have been singularly focused on driving value for our shareholders and have taken decisive action in furtherance of that goal, including the implementation of a comprehensive operational improve- ment plan and a robust review of strategic alternatives. Today's announcement reflects the extensive efforts by our team to explore all opportunities to deliver value for our shareholders." n AmSurg enters into 1st strategic partnership with eye care practice — 6 insights By Eric Oliver N ashville, Tenn.-based AmSurg entered into a strategic part- nership with Phoenix-based Horizon Eye Specialists & LASIK Center. Here's what you should know: 1. This is the first time AmSurg en- tered into such an agreement with a practice and as a result, AmSurg and Horizon Eye Specialists will share equity and resources. 2. Horizon Eye Specialists has three optical centers and an ASC in the Phoenix metropolitan area. 3. The group has seven physicians and six optometrists on staff. 4. Horizon Eye Specialists Medical Director and senior cataract surgeon Robert McCulloch, MD, said, "We are thrilled to join AmSurg, a nationally recognized leader in ophthalmic care. The partnership will provide us with the support, expertise and resources we need to position our practice for long-term growth and success as we continue to expand our footprint within the Phoenix area and provide our patients with the high-quality care they have come to expect." 5. AmSurg's President of Ophthalmol- ogy John Grant touted the partner- ship as a significant milestone for both AmSurg and its ophthalmology division. He said, "Strategic partner- ships like this are crucial to improving the delivery of consistent quality eye care and being a provider patients can trust. Horizon Eye Specialists & LASIK Center embodies our commitment to delivering patient-centered care and upholding high clinical standards." 6. AmSurg President Phillip Clen- denin said the decision to enter into a strategic partnership was a natural fit because of AmSurg's existing market presence. n PE group partners with ophthalmology practices to form Vision Integrated Partners — 4 insights By Eric Oliver T he Firmament Group en- tered into a partnership with several ophthalmology practices in California and Florida to form Vision Integrated Partners, an ophthalmology-focused manage- ment services organization. Here's what you should know. 1. Together, the practices tout a staff of more than 30 ophthalmologists and optometrists. 2. Jeff Walker will lead the new or- ganization as its CEO, while Randall Shaw will serve as CFO. 3. VIP's board will feature four physi- cians from the ophthalmology prac- tices, two members of VIP's manage- ment team and two members of Firmament. 4. Mr. Walker expects Firmament's resources will help the practices grow and expand across the U.S. He said, "Vision Integrated Partners is a physician-owned and physician- led organization, and we plan to continue to partner with like-minded physicians who are focused on providing exceptional medical care in their respective markets. We are dedicated to empowering physicians in growing their practices by provid- ing access to capital, professional management, and analytical support to maximize operational perfor- mance." n