IPC Healthcare has agreed to be acquired by Team Health Holdings Inc. for $1.6 billion in cash, the companies announced Tuesday.
IPC, a North Hollywood company that provides doctors to hospitals and nursing homes, will become part of Team Health, a Knoxville, Tenn., company that also supplies doctors to hospitals. The combined company will have 15,000 doctors and nurses, and management expects to save $60 million in costs within three years.
IPC stockholders will receive $80.25 a share, a 37 percent premium over the closing price on Monday. The boards of both companies have approved the transaction. It is expected to close by the end of the year.
“This agreement provides an immediate cash premium to our shareholders, and we look forward to partnering with TeamHealth to advance our mission of delivering high-quality inpatient care,” IPC Chief Executive Dr. Adam Singer said in a statement.
IPC shares closed up $20.79 or 36 percent to $79.25 on the Nasdaq.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Investors Like Medical Staff Manager’s Prognosis
- IPC in Merger
- IPC Buys Virginia Doctors Group
- IPC Healthcare, Stamps.com Among This Week’s Movers
- Stocks Fall; IPC Soars, VCA Sinks
- IPC Acquires Two Doctors Groups
- IPC The Hospitalist Company Completes Acquisition
- Medical Employee Firm’s Stock Gets Shot in Arm