AmSurg Corp. (AMSGA) said today that it will pay $40 million in cash to buy 11 outpatient eye-surgery centers and will manage four others currently owned by bankrupt Physicians Resource Group Inc. Nashville-based AmSurg began managing the centers on January 1 and retains the right to acquire additional PRG centers. The U.S. Bankruptcy Court for the Northern District of Texas, where PRG's bankruptcy was filed, must approve the terms of the purchase agreement.
AmSurg develops, acquires and manages physician practice-based ambulatory surgery centers and specialty physician networks in partnership with surgical and other group practices. At December 31, 1999, AmSurg owned a majority interest in 63 centers and had 12 centers under development.
"Through this purchase, AmSurg will build upon its position as the clear leader in the single specialty surgery center industry," Ken McDonald, Amsurg president and CEO, said in a release. "AmSurg is the country's leader in gastroenterology surgery centers, and with this addition, will establish itself as the leader in ophthalmology surgery centers as well."
AmSurg shares were 19 cents higher to $6.88 in late morning trading.