K.K.R., the private equity giant, is near a deal to buy Envision Healthcare, a person briefed on the matter said on Sunday, months after the company put itself up for sale as controversy over its hospital billing practices mounted.
KKR's offer of $46 per share represents a premium of 5.4% to Envision's last close on June 8.
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Henry Kravis' firm, which has been part of three of the four largest LBOs of all time, inked its biggest LBO since the 2008 financial crisis, and is using debt levels unseen for this size deal since then, sources said. The all-in price tag makes it one of the largest recent leveraged buyouts.
"Today's announcement reflects the extensive efforts by our team to explore all opportunities to deliver value for our shareholders", said Envision president and CEO Christopher A. Holden. The transaction is valued at $9.9 billion including the assumption of debt.
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Other private equity firms competing for Envision included a consortium of Carlyle Group LP (CG.O) and TPG Global, sources told Reuters in May. At the end of 2017, buyout funds were sitting on an all-time high of $633 billion.
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