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Envision Healthcare sheds ambulatory services unit after UnitedHealth deal fails

Envision Healthcare Corp. sold its ambulatory services unit, American Medical Response, to an entity affiliated with the buyout firm KKR & Co. LP.

Net proceeds from the sale are expected to be about $2.1 billion. Envision plans on using the funds to reduce outstanding debt under its existing term loan B credit facility.

According to Bloomberg News, UnitedHealth Group Inc. recently abandoned its bid for Envision Healthcare, after the latter filed a lawsuit against the U.S. health insurer.

UnitedHealth had been interested in Envision's ambulatory services unit, the news outlet reported.

In the suit, the medical services company alleged that UnitedHealth was trying to cause "significant financial harm" to its business.

Envision Healthcare also said that the health insurer stopped agreeing to add new Envision medical practices to its networks and reduced payments to Envision providers.

Envision Healthcare agreed to sell the business to KKR for $2.4 billion in cash in August 2017.