By Lisa Kerner
Charlotte, N.C., Jan. 8 - Welsh, Carson, Anderson & Stowe signed a definitive agreement to merge its affiliate, UNCN Acquisition Corp., with United Surgical Partners International, Inc. in a deal worth an estimated $1.8 billion, according to a news release.
The closing, subject to approvals, is expected to be completed in the second quarter of 2007.
Holders of United Surgical common stock will receive $31.05 per share in cash for their shares, a 13.4% premium above the $27.39 closing price on Jan. 5.
The merger agreement gives United Surgical until Feb. 17, 2007 to solicit other possible bidders and includes a $42.5 million termination fee.
"United Surgical Partners will continue its intense focus on providing high-quality health services in partnership with its physician and non-profit health system partners," chairman Donald E. Steen said in the release.
"In addition, we expect to continue to pursue growth opportunities as they arise. We do not expect the transaction to result in any changes in USPI's management."
Welsh Carson is a Dallas-based private equity firm.
United Surgical was founded by Donald Steen and Welsh Carson to own and manage short-stay surgical facilities.
| Acquirer: | Welsh, Carson, Anderson & Stowe
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| Target: | United Surgical Partners International, Inc.
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| Payment per share: | $31.05
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| Termination fee: | $42.5 million
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| Announcement date: | Jan. 8
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| Expected closing: | Second-quarter 2007
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| Stock price for target: | Nasdaq: USPI: $27.39 on Jan. 5
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