Envision Healthcare Holdings Inc. agreed to buy AmSurg Corp., combining two large providers of physicians and other health care services in an all-stock deal with an enterprise value of about $15 billion.

Envision’s investors will own about 53 percent of the combined firm, which will be called Envision Healthcare Corp. The exchange ratio is 0.334 AmSurg shares for each Envision share, the companies said in a statement.

That values AmSurg at $82.37 a share, or about $4.5 billion, based on Envision’s closing price Wednesday, a premium of about 6.3 percent.

The tax-free transaction will create one of the largest U.S. providers of physicians in specialties including emergency, anesthesia, radiology and children’s services.

AmSurg, which also helps operate ambulatory surgery centers, had tried to combine with another contract-physician company last year, but dropped its bid for Team Health Holdings Inc. after the target company declined to enter merger talks.

Envision Chairman and Chief Executive Officer William Sanger will be executive chairman of the combined firm, while AmSurg CEO Christopher Holden will be the CEO.

Instant Insights /

Envision to buy AmSurg, creating $15B health care firm

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