|ENVISION HEALTHCARE CORP filed this Form 8-K on 09/19/2017|
ENVISION HEALTHCARE ANNOUNCES
$250 MILLION STOCK REPURCHASE
NASHVILLE, Tenn. & GREENWOOD VILLAGE, Colo. - (September 18, 2017) - Envision Healthcare Corporation (“Envision” or the “Company”) (NYSE: EVHC) today announced the authorization of a program to repurchase up to $250 million of its common stock. The decision to return capital to shareholders is a reflection of the Company’s successful efforts to rationalize its service offerings around a physician-centric strategy and confidence in its ability to differentiate Envision through its stated plan to drive operational excellence and long-term growth.
Envision’s Board of Directors has decided to return capital to shareholders in a manner that will not affect Envision’s strategy to reduce its leverage, drive execution across its combined platform, or pursue potential strategic, accretive acquisitions and investments that will drive growth and substantial value. Envision’s 2017 acquisition spend through early August has totaled $620 million.
“In the 10 months since we completed our transformational combination, the Board and management team of Envision have been focused on reshaping the business to advance our physician-centric strategy,” said Christopher A. Holden, President and CEO of Envision. “The execution of this strategy will be enhanced by the new organization structure and executive leadership, which we also announced today. Our capital allocation priorities reflect Envision’s view of the long-term potential of our organization and our commitment to creating value for shareholders. We will maintain financial flexibility to deliver on our strategic plan, invest in our infrastructure to achieve sustained operational excellence, continue our disciplined approach to acquisitions, and reduce leverage.”
The share repurchase program authorized by the Company’s Board of Directors permits Envision to acquire up to $250 million of its common stock, which represents approximately four percent of the Company’s current market capitalization. The timing and amount of any shares repurchased will be determined based on the Company’s evaluation of market conditions and other factors. Repurchases will be made in accordance with the rules and regulations promulgated by the Securities and Exchange Commission and certain other legal requirements to which the Company may be subject. The program may be suspended or discontinued at any time, and has no time limit.