TeamHealth completes acquisition of IPC Healthcare
The transaction, valued at approximately $1.6bn, combines two physician-centric organisations to create a national physician services organisation spanning multiple specialties in both hospitals and post-acute facilities.
Together, TeamHealth and IPC Healthcare will have a leadership position in the large and increasingly strategic post-acute setting, serving approximately 2,000 post-acute facilities across 28 states.
Michael D. Snow, president and CEO of TeamHealth, said, "The completion of the IPC Healthcare acquisition is a significant milestone for both TeamHealth and IPC Healthcare, and we are excited to move forward together as one organization positioned for continued success and value creation.
"As an industry leader in the hospital-based and post-acute settings, we now have an expanded network of services and solutions to support our affiliated clinicians, hospital partners and physician groups and influence high-quality and lower cost outcomes across the continuum of patient care. I am pleased to welcome our IPC Healthcare colleagues to the TeamHealth community and look forward to a seamless integration for the benefit of all TeamHealth stakeholders."
As a result of the completion of the transaction, IPC Healthcare's common stock will cease trading and will no longer be listed on the NASDAQ exchange.