On Monday, outsourced physician staffing provider Team Health Holdings (NYSE: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 (NYSE:BX), and all proceeds of the sale went to Blackstone, with Team Health receiving none of the money.
Fool contributor Rich Smith has no positions in the stocks mentioned above, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.