Here are three things to know about the transaction.
1. Once the agreement is completed, Providence will retain a 40 percent equity interest in Matrix and have representatives on Matrix’s board. Frazier will own a 60 percent equity interest in Matrix.
2. The transaction values Matrix, which was acquired by Providence in October 2014 for approximately $393 million, at $537.5 million.
3. Providence will receive gross cash proceeds of approximately $418 million before transaction costs, taxes and customary post-closing adjustments, according to both parties.
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