Envision Selling Ambulance Business to KKR for $2.4 Billion
KKR's new ambulance acquisition will help it cut costs of expensive helicopter operations on shorter trips.

Envision Healthcare Corp (EVHC) is selling its ambulance business to buyout firm KKR & Co (KKR) in an all-cash deal valued at $2.4 billion, Reuters reported.

KKR is expected to combine the business, American Medical Response, with its Air Medical Group to substitute ambulances for expensive helicopters in shorter trips. The combined business is set to transport five million patients via air and ground across 46 states per year.

The deal is also expected to help Envision streamline its business following a $10 billion merger with AmSurg Corp last year. Envision's renewed focus will be on providing services to physician practice groups and operating outpatient surgery centers.

Envision stock traded up 1.7% premarket to $56 per share. 

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