On Assignment To Sell VISTA Staffing Solutions For $123 Mln

(RTTNews) - On Assignment, Inc. (ASGN) announced that it agreed to sell its physician staffing segment, VISTA Staffing Solutions Inc. to Envision Healthcare (EVHC) for $123.0 million. Net proceeds from the sale, after income taxes and transaction expenses, are estimated to be $102.0 million to $105.0 million.

The transaction is expected to close in February pending completion of certain closing conditions. Estimated revenues from Vista for 2014 were approximately $135.0 million.

On January 16, 2015, the Company's Board of Directors authorized a new $100 million share repurchase program subject in part to amendment of its credit facility. The new share repurchase will be effective beginning after close of trade two days after the Company's next release of earnings.

In December 2014, the Company completed its existing $100 million share repurchase program whereby the Company repurchased 3.4 million shares at an average per share price of $29.78.