June 27, 2014 / 7:21 AM / 4 years ago

Fresenius Medical Care takes $600 mln stake in Sound Physicians

FRANKFURT, June 27 (Reuters) - Germany’s Fresenius Medical Care (FMC) agreed to buy a majority stake in Sound Inpatient Physicians Inc for about $600 million, part of a drive to offer additional services linked to its core business of kidney dialysis.

FMC is to become a majority shareholder as part of a recapitalisation of Sound, alongside existing investor TowerBrook Capital Partners and Sound’s senior management team, the German company said in a statement on Friday.

FMC expects to close the deal within the next 10 days.

The dialysis specialist said in April it aims to widen its services to medical fields related to kidney failure, part of drive to almost double group sales to $28 billion by 2020.

Sound Physicians works with more than 1,000 physician partners providing care in over 100 hospitals and post-acute care centres across the United States, FMC added. (Reporting by Ludwig Burger; Editing by Maria Sheahan)

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