Frazier Healthcare Partners agreed to buy a 60 percent stake in Matrix Medical Network from Providence Service Corp. (Nasdaq: PRSC) The transaction values the target at $537.5 million. Providence will keep a 40 percent stake in Matrix and will receive $418 million in proceeds.

Matrix, located in Scottsdale, Arizona, partners with health care plans to provide risk management and other in-home medical services through a network of nurse practitioners for Medicaid and Medicare Advantage. A combination of an aging population and the Affordable Care Act has been driving home nursing deals.

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