Nashville, Tenn.-based physician services provider Envision Healthcare fielded offers from nine private equity firms before inking a $9.9 billion deal with New York City-based KKR & Co., according to a Securities and Exchange Commission filing.
Here are three things to know about the offers:
1. KKR beat the eight other bidders with its $46 per share offer. Envision and KKR entered into a definitive agreement June 11 for their all-cash transaction, which includes the assumption of debt.
2. The highest offer came from an undisclosed "bidder nine," who indicated a price range of $53 to $60 per share. In addition, four industry participants and one financial sponsor submitted preliminary offers to acquire Envision's ASC business, valuing the company between $2.5 billion and $3.5 billion.
3. Private equity firms are playing a bigger role in healthcare deal-making. So far this year, roughly nine private equity firms have made a bid for or acquired a healthcare company's business.
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