By Marc Bisbal Arias 
 

Fresenius Medical Care AG & Co. KGaA (FME.XE) said that it has sold its controlling interest in Sound Inpatient Physicians Holdings for $2.15 billion to an investment consortium led by Summit Partners.

The transaction, which is subject to regulatory approvals, is expected to close in late 2018, Fresenius said on Saturday.

Fresenius said it expects the divestment to generate a pretax book gain of around 800 million euros ($981.8 million).

"We are enabled to divest Sound and release the invested capital for further focused growth investments to add value for our shareholders," Chief Executive Rice Powell said.

Sound, which has approximately 3,500 employees, had revenues of about EUR1.25 billion last year. Fresenius had become a majority shareholder in the company in 2014, it said.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

April 23, 2018 01:45 ET (05:45 GMT)