I Hate Dialysis Message Board
Dialysis Discussion => Dialysis: Centers => Topic started by: Hawkeye on April 06, 2006, 08:35:30 AM
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Well it's official, the merger between FMC and RCG has been completed as of 3/31/06. FMC purchased RCG to become the worlds largest Dialysis company. For the good, the bad, and the ugly of it all that's the way it is so if you left FMC because you didn't like it and went to RCG welcome back. In my neck of the woods that only leaves 1 other company to go to, and that's Davita. Good luck to all, and may your clinic and care improve from the transition.
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PRESS RELEASE:
March 31, 2006
Fresenius Medical Care completed its acquisition of Renal Care Group, Inc.
On March 31, 2006, Fresenius Medical Care completed its acquisition of Renal Care Group, Inc. The combination solidifies Fresenius Medical Care's position as the world's leader in dialysis services and products. Three key common attributes are apparent: a strong commitment to quality improvement, a dedicated and highly-motivated workforce, and experienced management teams with a shared vision for excellence.
In the U.S. dialysis services arena, the addition of Renal Care Group's facilities provides a strategic and geographic fit to Fresenius Medical Care's operations. By merging Renal Care Group's services business into Fresenius Medical Care's global network, we have created a superior platform for innovation in the delivery of products and services to further enhance the lives of patients entrusted to our care.
Fresenius Medical Care AG 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 1,400,000 individuals worldwide. Through its network of more than 2,000 dialysis clinics in North America, Europe, Latin America and Asia-Pacific, Fresenius Medical Care provides dialysis treatment to approximately 157,000 patients around the globe. Fresenius Medical Care is also the world's leading provider of dialysis products, such as dialysis machines, dialyzers and related disposable products.
Here's another PRESS RELEASE:
Fresenius Medical Care AG & Co. KGaA (FWB: FME, FME3) (NYSE: FMS, FMS-p), the world’s largest provider of dialysis products and services, and its wholly-owned subsidiary, Fresenius Medical Care Holdings, Inc., today announced the closing of the acquisition of Renal Care Group, Inc. (NYSE: RCI) effective March 31, 2006. The closing follows the completion of the Federal Trade Commission’s review of the acquisition and the issuance of a consent order to permit the closing of the acquisition.
To finance the acquisition, Fresenius Medical Care today entered into and drew upon a replacement $4.6 billion senior credit facility, with Banc of America Securities LLC and Deutsche Bank Securities Inc. serving as joint lead arrangers. The new senior credit facility consists of a five year $1 billion revolving credit facility, a five year $1.85 billion term loan A facility and a
seven year $1.75 billion term loan B facility.
Immediately prior to the acquisition, Florence Acquisition, Inc, a subsidiary of Fresenius Medical Care, accepted its previously announced tender offer and consent solicitation for $159,685,000 in outstanding principal amount of 9% Senior Subordinated Notes of Renal Care Group for a total consideration of $1,097.95 per $1,000 principal amount of Notes. All of the Notes were tendered and all obligations of Renal Care Group and its subsidiaries in respect of the Notes have now been discharged. Credit Suisse Securities (USA) LLC acted as Dealer Manager for the tender offer and as Solicitation Agent for the consent solicitation.
Ben Lipps, Chief Executive Officer of Fresenius Medical Care, commented: “We are very pleased to complete the acquisition of Renal Care Group. This is a milestone for our company. Clearly, we create the most valuable vertically integrated provider of patient care and dialysis products. This makes us unique and strengthens our position as the world’s largest renal therapy company. As we combine the best of both companies, we do so for the benefit of all – patients, employees, physicians, customers and shareholders. Along with our commitment to innovate, we are always seeking to achieve the best-possible quality in every aspect of renal therapies.”
After completion of the divestitures required by the FTC consent order, Fresenius Medical Care will own and operate approximately 1,500 dialysis clinics in North America, serving approximately 115,000 patients.
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Oh man, that means DUH-Vita is no longer the biggest. Way to go Fresenius, thanks for knocking Duh-vita down a notch.
- Epoman
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A friend of mine went to RCG because Fresenius isn't a member of her insurance group. So, now her insurance is giving her crap that they won't pay for Fresenius. There is not another choice in that town. She would have to drive 400 miles to the nearest DaVita. Isn't that just stupid!! ???