Physician owners buy minority stake in GI Alliance with backing from Apollo

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Dallas-based GI Alliance, which describes itself as the largest gastroenterology practice practice in the U.S., said Friday the company is valued at about $2.2 billion in a transaction with Apollo Global Management Inc.’s APO, -2.38% Hybrid Value unit. Apollo is leading the purchase of a minority stake by GI Alliance’s physician owners from seller Waud Capital Partners. The physicians already own 70% of GI Alliance. Jason Scheir, Apollo partner and head of U.S. Hybrid Value, is leading the deal for Apollo. Scheir and Apollo principal Anton Finucane-Courreges will join the GI Alliance’s board when the deal closes as expected in the third quarter. Shares of Apollo Global Management are down 17.8% in 2022 compared to a loss of 10.1% by the S&P 500 SPX, -1.29%.

This article was originally published by Marketwatch.com. Read the original article here.

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