CBIZ Closes Sale Of Medical Management Professionals Business

(RTTNews) - CBIZ Inc. (CBZ) Tuesday completed the sale of its Medical Management Professionals business to Zotec Partners LLC for $200 million. The company also completed the purchase of 3.85 million shares of the company's common stock from Westbury (Bermuda) Ltd. at a price of $6.65 per share.

Following both transactions, proceeds of the sale will immediately be used to reduce current borrowing levels and over time will be reinvested to enhance the growth of the core Financial and Employee Services businesses, the company said.

CBIZ Inc. provides professional business services that help clients better manage their finances and employees.