HCA Healthcare Agrees to Purchase Five Utah Hospitals from Steward Health Care
September 20 2021 - 6:45PM
Business Wire
HCA Healthcare, Inc. (NYSE:HCA) and Steward Health Care today
announced the signing of a definitive agreement for HCA Healthcare
to acquire the operations of Steward Health Care’s five Utah
hospitals. HCA Healthcare also entered into an agreement to lease
the related real estate from its owner following the expected
closing.
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The hospitals will become part of HCA Healthcare’s Mountain
Division, which includes 11 hospitals in Utah, Idaho and
Alaska.
“Utah is one of the fastest-growing areas in the country, and
the state’s need for healthcare continues to increase,” said Sam
Hazen, chief executive officer of HCA Healthcare. “We believe the
addition of these facilities will help us improve healthcare
network options for patients and enable investment in services to
meet increasing demand for healthcare. We look forward to welcoming
them to the HCA Healthcare family.”
Steward Health Care also operates hospitals in Arizona, Texas,
Arkansas, Louisiana, Florida, Ohio, Pennsylvania, and
Massachusetts. The sale of these facilities to HCA Healthcare will
enhance Steward Health Care’s ability to continue growing and
reinvesting in other states and locations served by the health
system.
Steward Health Care chairman and CEO Ralph de la Torre
commented, “We are very proud of Steward’s significant
contributions to the quality and efficiency of operations in these
facilities. We are confident that the combination with HCA
Healthcare will enable the achievement of cost savings and further
improved quality of care for patients in Utah. For Steward, this
transaction frees up additional capital to more deliberately invest
in its accountable care model (largest in the US and #2 in shared
savings for MSSP 2020) by reinvesting in risk-based opportunities
and health care expansion.”
Debevoise & Plimpton LLP acted as transaction counsel to HCA
Healthcare. SVB Leerink acted as exclusive financial advisor to
Steward Health Care. The transaction is subject to customary
regulatory approvals and other closing conditions. Terms of the
agreement were not disclosed.
About HCA Healthcare
Nashville-based HCA Healthcare is one of the nation’s leading
providers of healthcare services comprising 187 hospitals and
approximately 2,000 ambulatory sites of care, including surgery
centers, freestanding ERs, urgent care centers, and physician
clinics, in 20 states and the United Kingdom. With its founding in
1968, HCA Healthcare created a new model for hospital care in the
United States, using combined resources to strengthen hospitals,
deliver patient-focused care and improve the practice of medicine.
HCA Healthcare has conducted a number of clinical studies,
including one that demonstrated that full-term delivery is
healthier than early elective delivery of babies and another that
identified a clinical protocol that can reduce bloodstream
infections in ICU patients by 44 percent. HCA Healthcare is a
learning health system that uses its more than 32 million annual
patient encounters to advance science, improve patient care and
save lives. Please click here to connect with HCA Healthcare on
social media.
About Steward Health Care
Steward Health Care’s physician-led business model was built to
unlock access to the highest-quality care at a sustainable cost,
committed to providing personalized, ongoing medical services that
positively impact patients’ physical, emotional, and mental
well-being.
Founded in 2010, Steward Health Care is the largest
physician-led health care network with more than 5,500 providers
and 43,000 health care professionals caring for 12.3 million
patients a year through its global network of hospitals, urgent
care centers, skilled nursing facilities and behavioral health
services.
Based in Dallas, Steward currently operates 44 hospitals around
the world, including 39 across Arizona, Arkansas, Florida,
Louisiana, Massachusetts, Ohio, Pennsylvania, Texas, and Utah, as
well as five internationally within Malta and Colombia.
All references to “Company,” “HCA” and “HCA
Healthcare” as used throughout this document refer to HCA
Healthcare, Inc. and its affiliates.
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HCA HEALTHCARE CONTACTS: Investors Mark Kimbrough
615-344-2688 Media Harlow Sumerford 615-344-1851 STEWARD HEALTH
CARE CONTACT: Jeremy Tunis 469-341-8894
jeremy.tunis@steward.org
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