By Lisa Kerner
Charlotte, N.C., Oct. 19 - Radiation Therapy Services, Inc. agreed to be acquired by Vestar Capital Partners for $32.50 per share in a deal valued at $1.1 billion including debt.
"In Vestar, Radiation Therapy Services has found a true partner who shares our commitment to patients," Radiation Therapy chief executive officer Daniel Dosoretz said in a company news release.
"Our mission is to create sophisticated treatment platforms to provide the best care for cancer patients. I can think of no better ownership structure for the company to help us focus on this mission."
Dosoretz, along with other members of senior management owning some 40% of the company, agreed to vote their shares in favor of the merger. The transaction is expected to close in the first quarter of 2008 subject to shareholder approval.
Wachovia Securities has committed to provide debt financing for the transaction. Morgan Joseph & Co. Inc. provided a fairness opinion. Wachovia Capital Markets, LLC advised Radiation Therapy, while Vestar was advised by Kirkland & Ellis LLP and Kennedy Covington Lobdell & Hickman, LLP.
Radiation Therapy operates radiation treatment centers primarily under the name 21st Century Oncology. The company is based in Fort Myers, Fla.
Vestar Capital Partners is a private equity firm with offices in New York and other cities.
| Acquirer: | Vestar Capital Partners
|
| Target: | Radiation Therapy Services, Inc.
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| Transaction total: | $1.1 billion
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| Price per share: | $32.50
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| Announcement date: | Oct. 19
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| Expected closing: | First quarter of 2008
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| Stock price for target: | Nasdaq: RTSX: $21.60 on Oct. 18
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