US-based AMSURG has agreed to acquire Sheridan Healthcare, a provider of multi-speciality outsourced physician services, in a cash and stock transaction valued at around $2.35bn.

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With the transaction, the firms aim to create a business model that would better meet critical needs for physicians, health systems, communities and payers.

The combined company will have a total addressable market of about $70bn and will encompass over 4,600 physician relationships across 38 US states.

AMSURG president and CEO Christopher Holden said that by acquiring Sheridan, the company would enhance its outsourced physician services for anesthesia, children’s services, emergency medicine services and radiology.

"This will be a combination unlike any other in the marketplace today. The breadth of our value-added services will position us to compete for new outsourced physician contracts, health system partnerships and payer relationships," Holden added.

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"It will allow us to collaborate with our ASC physician partners to pursue the efficient and natural integration of surgery with anesthesia."

"The breadth of our value-added services will position us to compete for new outsourced physician contracts, health system partnerships and payer relationships."

Sheridan CEO John Carlyle said the transaction would support the company in meeting the needs of its customers, healthcare providers and patients.

"As part of AMSURG, Sheridan will have enhanced relevance in its existing markets and expanded opportunities in important new markets in more states," Carlyle added.

"We will also gain entry into additional health systems where we can add value to our clients’ strategic objectives.

"Together, we will be able to leverage the respective reputations, physician networks and strong relationships of both companies to meet the critical needs for health systems, healthcare providers, payers and communities as a whole."

Subject to customary closing conditions and regulatory approvals, the transaction is expected to be closed in the third quarter of 2014.

Sheridan provides multi-speciality outsourced physician services to hospitals, ambulatory surgery centres and other healthcare facilities, primarily in the areas of anesthesiology, children’s services emergency medicine, and radiology.