TLCVision, a St. Louis-based eye care services company, announced Friday that it has agreed to buy Salt Lake-based TruVision as part of its broader expansion plan.
The net purchase price of TruVision will be $17.5 million in cash and company stock coupled with a three-year earn out, TLCVision said in a statement. The transaction is expected to close by mid-November.
According to the TLCVision statement, the TruVision acquisition will serve as a patient acquisition channel for new LASIK Select branded centers slated to open beginning this year. A total of 15 LASIK Select centers are expected to be in operation by the end of 2006.
TruVision, a managed care contractor for elective health services, is projected to refer more than 23,000 LASIK vision procedures to its network of providers in 2005, the statement said. It "provides TLCVision with an immediate entry point into the value-priced market." TruVision represents more than 85 million members across 37 contracted health plans.