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TLC, Laser Vision Centers agree to merge
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MISSISSAUGA, Ontario — TLC Laser Eye Centers Inc. (NASDAQ: TLCV) and Laser Vision Centers Inc. (NASDAQ: LVCI) have agreed to merge, with new worldwide headquarters based here. The merger will be effected in an all-stock combination. Combined revenues for the two companies during the most recent fiscal year totaled more than $270 million.
TLC's chairman and chief executive officer, Elias Vamvakas, will retain those titles in the newly merged company, named TLC Vision. John Klobnak, LaserVision's chairman and chief executive officer, will assume a non-executive vice chairmanship and continue as corporate director until he retires in about a year. James Wachtman, current president and chief operating officer of LaserVision, will assume the role of president in the new company.
“More than just a simple business combination, this merger is designed to generate a sum greater than its two parts,” Mr. Wachtman said. “TLC Vision Corp. will essentially serve as the larger corporate umbrella, encompassing a complementary mix of four core businesses: TLC Laser Eye Centers; Laser Vision Centers; Midwest Surgical Services, furnishing independent surgeons with mobile access to cataract surgery equipment and services; and Aspen HealthCare, operating multi and single specialty ambulatory surgery centers.”
On August 9, LaserVision announced its acquisition of ClearVision Laser Centers. The ClearVision transaction is expected to be completed before the merger of TLC and LaserVision.