DGAP-News: Fresenius Medical Care AG & Co. KGaA / Key word(s):
Acquisition
Fresenius Medical Care AG & Co. KGaA Announces Agreement to Acquire
Cogent Healthcare
13.11.2014 / 08:23
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Acquisition will widen the presence in the Hospitalist industry
Bad Homburg, Germany - Fresenius Medical Care AG & Co. KGaA (the "company"
or "Fresenius Medical Care"; Frankfurt Stock Exchange: FME / New York Stock
Exchange: FMS) announced today that Sound Physicians Inc. (Sound) has
entered into an agreement to acquire Cogent Healthcare (Cogent) with more
than 650 providers, who offer hospitalist and intensivist services to more
than 80 hospitals throughout the United States. Combined, the expanded
Sound Physicians organization will now serve over 180 hospitals in 35
states with more than 2,250 providers including physicians and advanced
care practitioners. Fresenius Medical Care is the majority shareholder in
Sound.
The company expects Cogent to generate approximately $250 million in
revenue in 2015 and expects the investment to be accretive to earnings
within 18-24 months after closing including the transaction/integration
cost and potential synergies. The investment will be financed through
available cash. The parties involved agreed not to disclose the financial
terms of the acquisition.
"Sound Physicians is a critical partner in fulfilling our mission to
improve the lives of every patient every day," said Rice Powell, Fresenius
Medical Care Chief Executive Officer. "With this acquisition, Sound
Physicians continues to augment our network of dialysis, cardiac and
vascular care centers, renal pharmacy and full service and specialty
laboratories to help us better address the full spectrum of our patients'
health care needs. Going forward, Sound will be better positioned than ever
to deliver the highest quality care to patients in the acute setting and
reduce costs for its hospital partners."
"Combining Cogent Healthcare's reach with Sound Physicians'
patient-centered approach, web-based workflow platform and experienced
physician leadership together clearly positions Sound Physicians as the
partner of choice for the acute episode of care and the practice of choice
for providers," noted Rob Bessler, MD, Chief Executive Officer of Sound
Physicians. "By coming together, we believe we can continue to advance
innovation and improvement in the acute episode of care throughout the
U.S."
The parties expect the transaction, which remains subject to regulatory
clearance, to close this quarter.
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About Fresenius Medical Care
Fresenius Medical Care is the world's largest integrated provider of
products and services for individuals undergoing dialysis because of
chronic kidney failure, a condition that affects more than 2.5 million
individuals worldwide. Through its network of 3,349 dialysis clinics in
North America, Europe, Latin America, Asia-Pacific and Africa, Fresenius
Medical Care provides dialysis treatments for 283,135 patients around the
globe. Fresenius Medical Care is also the world's leading provider of
dialysis products such as hemodialysis machines, dialyzers and related
disposable products.
For more information about Fresenius Medical Care, visit the company's
website at www.fmc-ag.com.
Disclaimer
This release contains forward-looking statements that are subject to
various risks and uncertainties. Actual results could differ materially
from those described in these forward-looking statements due to certain
factors, including changes in business, economic and competitive
conditions, regulatory reforms, foreign exchange rate fluctuations,
uncertainties in litigation or investigative proceedings, and the
availability of financing. These and other risks and uncertainties are
detailed in Fresenius Medical Care AG & Co. KGaA's reports filed with the
U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co.
KGaA does not undertake any responsibility to update the forward-looking
statements in this release.
About Sound Physicians
Sound Physicians is a leading physician services organization focused on
driving improvements in quality, satisfaction and efficiency throughout the
acute episode of patient care. By investing deeply in outstanding
physicians, clinical process excellence, and proprietary workflow and
informatics technology, Sound Physicians improves the delivery of inpatient
care. Sound Physicians aligns with healthcare providers to measurably
enhance patient outcomes and strengthen its partners' financial
performance. The organization is the practice of choice of more than 1,000
hospitalists and post-acute physicians, providing care in more than 100
hospitals and post-acute care centers nationwide.
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13.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Fresenius Medical Care AG & Co. KGaA
Else-Kröner-StraÃe 1
61352 Bad Homburg
Germany
Phone: +49 (0) 6172- 609 2525
Fax: +49 (0) 6172- 609 2301
E-mail: ir@fmc-ag.com
Internet: www.fmc-ag.de
ISIN: DE0005785802, DE0005785836,
WKN: 578580, 578583
Indices: DAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart; Terminbörse EUREX; NYSE
End of News DGAP News-Service
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296914 13.11.2014
DGAP-News: Fresenius Medical Care AG & Co. KGaA Announces Agreement to Acquire Cogent Healthcare
| Source: EQS Group AG