Emergency Medical Services (EMS) has inked a deal to be acquired at a discount by private-equity company Clayton, Dubilier & Rice for $3.2 billion in an effort to further expand its presence and services.

CD&R will buy the provider of healthcare transportation services and facility-based physician services for $64 a share in cash, which is a 9.4% discount to its closing price on Friday. EMS shares have surged nearly 31% since December, hitting all time highs, since the company said it would explore strategic alternatives. 

Emergency Medical Services hired advisers to evaluate strategic alternatives after getting takeover approaches by private equity firms, a source told Reuters. 

William A. Sanger, EMS’ chief executive, said the transaction will help fuel the next stage of its evolution, enhancing flexibility and growth opportunities in the future.

Despite the discount, both boards of directors have unanimously approved the terms of the transaction. Onex Corp., a majority owner of EMS shares, has agreed to vote in favor of the deal.

The transaction is expected to close in the second-quarter, subject to customary closing conditions and regulatory approvals, including approval by EMS shareholders.

New York-based Clayton Dubilier & Rice has made other medical investments, purchasing medical products provider HGI Holdings last year in partnership with Goldman Sachs (GS). It recently bought a 42.5% stake in chemical and commodity distributor Univar. 

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