Vestar Capital, a private equity firm, has entered into an agreement to acquire Radiation Therapy Services, an operator of radiation treatment centers, for $32.50 per share plus assumed debt, for a deal valued at $1.1 billion.

The Fort Myers, Fla.-headquartered Radiation Therapy’s board of directors approved the merger agreement on the recommendation of a special committee of independent directors. The board also recommended that Radiation Therapy’s shareholders accept the agreement.
Radiation Therapy operates 83 radiation-focused freestanding cancer treatment centers. 

The transaction is scheduled to close in the first quarter of 2008, and is subject to shareholder approval, according to the New York City-based Vestar.