Clayton, Dubilier & Rice has agreed to acquire Emergency Medical Services (NYSE: EMS) for $3.2 billion. Debt financing is being provided by Barclays Capital, Deutsche Bank, BofA Merrill Lynch, Morgan Stanley, RBC Capital Markets and UBS. CD&R will pay EMS stockholders, including Onex, $64 in cash per share. Onex has backed the company since 2005. A sale of its remaining 31% stake will generate a return of 10x invested capital. EMS provides emergency medical services in the U.S.