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KKR closing in on Envision’s ambulance business: Reuters
Posted on Thursday, 13 July 2017 13:16
Private equity giant KKR has entered advanced discussions over a potential acquisition of the ambulance business of Envision Healthcare, two people in the know told Reuters.
According to the sources, who did not wish to be identified as the matter is confidential, the buyout house hopes to buy the unit and merge it into medical helicopter operator Air Medical Group.
They added that the suitor has lodged a USD 2.00 billion bid and final terms are currently being discussed with a view to announcing the transaction later this month.
However, the sources cautioned that there is no guarantee of a deal going ahead.
Neither company has made any statement on the report.
KKR has owned Air Medical since April 2015, when it paid USD 2.00 billion to acquire the company from Brockway Moran & Partners and Bain Capital.
Reuters noted that a combination of the business with Envision’s ambulance unit would enable the enlarged entity to offer a more complete service, with the option of utilising ambulances for shorter journeys and helicopters for longer trips.
The news provider that Envision is also expected to benefit by concentrating on its core operations, namely the operation of outpatient surgery centres and the provision of services to physician practice groups.
Envision is not the first provider of ambulance services to be targeted in 2017; according to Zephyr, the M&A database published by Bureau van Dijk, four such deals have been announced since the beginning of January.
The most valuable was worth USD 2.50 billion and involved American Securities, via its ASP AMC Intermediate Holdings affiliate, taking over US-based air medical transportation company Air Methods from shareholders including Voce Capital management.
This dwarfed the second-placed transaction by value, a USD 620,000 sale of a 2.0 per cent stake in Emergency Assistance Japan by undisclosed shareholders.
© Zephus Ltd