UnitedHealth Group's OptumCare is acquiring Surgical Care Affiliates for $2.3 billion, Optum announced Monday.
The acquisition of the outpatient surgery chain creates a comprehensive ambulatory care services platform for Optum, including primary care, urgent care and surgical care services.
OptumCare serves more than 80 health plans.
Learn on-demand, earn credit, find products and solutions. Get Started >>
The combined companies will offer value to patients and payers. They will also support independent doctors' practices as eligible surgical cases for total joint replacements continue to migrate to ambulatory care and surgical hospital environments, Optum said.
"Combining SCA and OptumCare will enable us to continue the transition to high-quality, high-value ambulatory surgical care, partnering with the full range of health systems, medical groups and health plans," said Larry C. Renfro, vice chairman of UnitedHealth Group and Optum CEO.
Like Healthcare Finance on Facebook
It will also continue the expansion of Surgical Care Affiliates network of surgical hospitals in partnership with health systems, medical groups and health payers, Optum said.
"The combination of SCA and OptumCare is another step forward toward our vision of becoming the partner of choice for surgeons," said Andrew Hayek, chairman and CEO of Surgical Care Affiliates.
Hayek and the SCA leadership team will continue as part of SCA and the larger OptumCare platform after the deal closes, which is expected during the first half of 2017.
SCA and its affiliates serve approximately 1 million patients per year in more than 30 states, aligning with physicians through value-based payment models.
OptumCare serves millions of consumers annually through 20,000 affiliated physicians and hundreds of care facilities.
The agreement calls for the acquisition of SCA's outstanding common stock for a fixed price of $57 per share, to be funded between 51 and 80 percent with UnitedHealth Group common stock, and the remainder in cash. Optum said.
Affiliates of TPG Capital, owning approximately 30 percent of the common stock of SCA, have agreed to tender their shares as part of the offer.