Select Medical and Northwest Healthcare Acquire Hospital in Tuscon
Last week, Select Medical and Northwest Healthcare announced a definitive agreement to form a joint venture and acquire Curahealth Tucson. No purchase price or hospital financials were disclosed. Curahealth Tucson is a 47-bed long-term acute care hospital owned by Community Health Systems (NYSE: CYH), which is divesting the hospital. Northwest Healthcare is an integrated healthcare provider in Tucson, and includes multiple hospitals and clinics, such as Northwest Medical Center, Oro Valley Hospital, Northwest Medical Center Sahuarita, Northwest Emergency Centers in Vail and Marana, three Northwest Urgent Care locations, Northwest Women’s... Read More »
Steward Health Acquires Five Tenet Hospitals
Back in June 2020, a management group of Steward Health Care physicians acquired a controlling stake in the health system and assumed ownership from its founding owner, Cerberus Capital Management. It was a significant move; one of the largest privately owned hospital chains in the United States became physician-owned. And now, Steward announced this week it is acquiring a portfolio of five hospitals from Tenet Healthcare Corporation (NYSE: THC) in Florida for $1.1 billion. It is the first acquisition for Steward Health since finalizing full physician control and leadership of the organization. The five hospitals included in the sale are Coral Gables Hospital (245 beds), Hialeah Hospital... Read More »
Monongahela Valley Hospital Joins Penn Highlands Healthcare
After a rough year due to the pandemic for Monongahela Valley Hospital, the organization has decided to merge with Penn Highlands Healthcare. In Monongahela Valley’s annual report, the hospital expressed financial stress after having to cancel elective procedures and shore up PPE for its staff, and was even forced to furlough employees. No financial terms for the merger were disclosed. Monongahela Valley is a 200-bed health facility with a 225-member medical staff representing more than 40 specialties. With more than 1,300 employees, Monongahela Valley is the largest employer in the mid-Monongahela Valley region and the third-largest employer in Washington County. In 2020, it had... Read More »
Ramsay Health Care Acquires U.K.-based Spire Healthcare
Last week, Australia-based Ramsay Health Care (OTCMKTS: RMSYF) announced a significant expansion in the U.K. hospital market. The company revealed it was acquiring Spire Healthcare Group, a leading independent hospital group in the United Kingdom with 39 hospitals, including three neurological rehabilitation centers and a mobile diagnostic scanning fleet. According to Spire’s annual report, the system generates most of its revenue from the National Health Service, which totaled approximately $1.30 billion in 2020. Spire also generated $160.9 million in EBITDA in 2020. The deal for Spire is valued at A$3.7 billion deal value including A$1.98 billion in debt, which equals about U.S. $2.87... Read More »