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AmSurg strikes new deal to buy National Surgical

Wed, 08/24/2011 - 4:45am
The Associated Press

Ambulatory surgery center operator AmSurg Corp. said Wednesday that it has revised the price it will pay for National Surgical Care downward to $135 million in cash.

AmSurg will pay up to $7.5 million more if certain profit targets for next year are met. The new deal is expected to close on or about Sept. 1.

AmSurg had said in April that it would acquire the company for $173.5 million in cash.

The acquisition includes 17 ambulatory surgery centers. Of those, 15 are multi-specialty centers and two specialize in gastroenterology procedures. One multi-specialty center will be held for potential sale to the center's physicians under a change of control provision in their existing partnership agreement.

Excluding that center, the other 16 facilities to be purchased produced combined revenue for the trailing 12 months ended June 30 of about $108 million, the company said.

AmSurg expects the deal to boost its 2011 profit by 2 cents or 3 cents per share, excluding about 12 cents per share in transaction costs. Next year, the profit increase should total 9 cents to 13 cents per share, the company said.

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