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TPG to buy HealthSouth's surgery division in $945m transaction27/03/2007. Source: AltAssets. 
 HealthSouth Corporation has agreed to sell its surgery division to TPG for approximately $945m. The purchase price consists of a cash consideration of about $920m and an equity interest whereby HealthSouth has the opportunity to participate in the future success of the newly-formed company. This future consideration is estimated to be worth $25-$30m, assuming a five-year horizon.
HealthSouth's surgery division is comprised of a network of 139 outpatient surgery centres and three surgical hospitals.
Leonard D Schaeffer, senior healthcare investment advisor to TPG, said, 'We are pleased to expand TPG's presence in the outpatient surgery sector, which benefits from strong organic growth and attractive fundamentals.
'With a reputation for clinical excellence through its network of outstanding physicians, the surgery division represents an excellent platform, and TPG, along with management, is committed to strengthening the company and continuing to deliver high quality care for patients,' Schaeffer continued.
TPG currently has approximately $30bn of assets under management. The firm invests in leveraged buy-out transactions, recapitalisations, spin-outs, joint ventures and restructurings.
TPG co-leads the investor consortium that has agreed to acquire TXU in a transaction valued at $45bn.
Copyright © 2007 AltAssets
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