Vestar Capital to acquire Radiation Therapy with financing from Wachovia in $1.1 billion deal

By Jennifer Chiou

New York, Oct. 19 - Radiation Therapy Services, Inc. announced that it entered into an agreement to be purchased by Vestar Capital Partners for $32.50 per share plus assumed debt in a deal valued at $1.1 billion.

Wachovia Securities has committed to provide the debt financing for the transaction.

Radiation Therapy said its board approved the merger agreement on the unanimous recommendation of a special committee of independent directors and recommends that its shareholders go forward with the agreement.

In a statement, the special committee said that the merger will provide Radiation Therapy Services' shareholders with "a substantial cash premium" over the current trading price of the company's common stock.

The transaction is expected to close in the first quarter of 2008 and is subject to shareholder approval.

Radiation Therapy is a Fort Myers, Fla., operator of radiation therapy centers.

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