(Bloomberg) -- Team Health Holdings Inc. agreed to acquire IPCHealthcare Inc. for about $1.6 billion including debt to expand inthe business of providing doctor staffing to hospitals and othermedical facilities.

The all-cash transaction is valued at $80.25 a share, thecompanies said Tuesday in a statement. That would represent a 37percent premium to IPC’s closing share price Monday.

IPC specializes in providing medical staff for patients who arehospitalized or need additional follow-up care.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.