Team Health Closes Secondary Offering
On Monday, outsourced physician staffing provider Team Health Holdings (NYS: TMH) announced that it has successfully concluded a secondary offering of 8 million shares of common stock. Shares of Team Health declined 0.6% in Monday trading on the news, closing at $28.87. This implies a value of more than $230 million for the offering.
However, these shares were sold by its principal stockholder, Ensemble Parent LLC, a subsidiary of The Blackstone Group (NYS: BX) , and all proceeds of the sale went to Blackstone, with Team Health receiving none of the money.
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