AmSurg Corp. has announced it and National Surgical Care have signed a revised agreement under which AmSurg will acquire NSC for $135 million in cash, down from the $173.5 million in cash amount announced in April, according to a Wall Street Journal report and an AmSurg news release.
If earnings from the acquired assets exceed specified targets for 2012, AmSurg will make an additional payment of up to $7.5 million in cash. The acquisition is expected to be completed on or about Sept. 1.
AmSurg is acquiring 17 NSC ambulatory surgery centers — 15 multi-specialty centers and two GI centers. One of the multi-specialty ASCs will be held for potential sale within 90 days of the completion of the transaction to the center's physicians.
The other 16 surgery centers AmSurg is acquiring produced revenue for the trailing 12 months ended June 30 of approximately $108 million and adjusted EBITDA of approximately $17 million.
"We are pleased to report this revised definitive agreement with NSC for a purchase that represents a compelling opportunity for AmSurg," said Christopher A. Holden, president and CEO of AmSurg, in the release. "In addition to being accretive to our financial results, the addition of large, high quality and well managed ASCs with outstanding center teams further diversifies our ASC portfolio, while substantially increasing our presence in the multi-specialty ASC market."
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