Steward Health Care to Buy Iasis Healthcare for $1.9 Billion
20 Mai, 2017, 05:36 | Author: Marc Bacque
A hospital company backed by private equity giant Cerberus plans to buy Iasis Healthcare's operations and create a top-five for-profit player with 36 hospitals in 10 states and annual revenues of nearly $8 billion.
The deal with the Tennessee hospital system means Steward will have 36 hospitals across 10 states, managed care operations in Arizona, Utah and MA, and projected revenues of nearly $8 billion in 2018.
Steward now has 18 hospitals in four states, including Pennsylvania, Massachusetts, Ohio and Florida.
Iasis, which has been majority owned by TPG Capital since 2004, runs 17 hospitals and one behavioral health hospital in locations across Utah, Arizona, Colorado, Texas, Arkansas and Louisiana.
An afternoon recap of the day's most important business news, delivered weekdays. If it goes through, the chain will operate more hospitals outside of MA than it does here. "Our model shows how the industry can successfully shift toward a more cost-effective local, coordinated approach that puts patients first".
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From its founding, de la Torre envisioned the company growing beyond MA, but his plans didn't materialize until recently. Under the deal, Medical Properties Trust has agreed to acquire the interests of substantially all of IASIS' hospital real estate subject to long-term leases and loans with Steward, according to the news release from Steward. But using Steward's recently completed $304 million acquisition of eight hospitals from fellow local Community Health Systems as a benchmark, the Iasis transaction would be worth about $620 million.
Steward closed its deal May 1 to acquire Wilson-based Easton Hospital.
"We're transforming the health care delivery system across the country in a model that we think is replicable and in a model which we've demonstrated success here in Massachusetts", Girard said. "It will be business as usual while all of us work toward a seamless merger of our operations".
"Since its formation almost 20 years ago, IASIS's mission has been to deliver high-quality, cost-effective healthcare to our patients and the communities we serve", Whitmer said.
"Steward's innovative approach to reducing health care cost and improving quality of service will further this mission", Whitmer said.
A Steward spokesman said the company wouldn't offer additional details until the deal is officially finalized.
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