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Omar Venerio
Omar Venerio
Articles (1558) 

Wall Street Opens Higher

KKR acquires Envision Healthcare for $9.9 billion

The U.S. stock market advanced on Monday, with investors looking at President Donald Trump and North Korean leader Kim Jong Un as they meet in Singapore.

Shares of Envision Healthcare Corp. (NYSE:EVHC) jumped after the agreement to be acquired by private equity firm KKR & Co. (NYSE:KKR) for $46 per share, representing a 32% premium, or 10.9 times the trailing 12-months adjusted Ebitda and 10.1 times 2018 anticipated adjusted Ebitda.

Envision’s board had reached out to 25 potential buyers and had invited proposals for all or parts of its business. The board concluded that the KKR proposal presented the best opportunity.

The transaction is expected to close in the fourth quarter.

Gainers

• United Continental Holdings Inc. (NASDAQ:UAL)

• Newell Brands Inc. (NASDAQ:NWL)

• Seagate Technology PLC (NASDAQ:STX)

• Southwest Airlines Co. (NYSE:LUV)

Losers

• DTE Energy Co. (NYSE:DTE)

• Cooper Companies Inc. (NYSE:COO)

• Equifax Inc. (NYSE:EFX)

• Marathon Petroleum Corp.​ (NYSE:MPC)

Global markets

The main European stock markets traded in positive territory. The U.K.'s FTSE gained 0.44%, France's CAC advanced 0.19%, Spain's Ibex rose 1.15% and Germany's Dax closed up 0.12%.

In Asia, markets closed in the green. Japan's Nikkei jumped 0.48%, Hong Kong's Hang Seng gained 0.34%, India’s BSE Sensex advanced 0.11% but China's Shanghai slid 0.47%.

Disclosure: The author holds no position in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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