The latest blockbuster hospital-system merger:
Boston-based Steward Health Care LLC has agreed to buy Franklin, Tenn.-based IASIS Healthcare. The companies said that the transaction would make Steward the largest private for-profit U.S. hospital operator, with 36 hospitals across 10 states, managed-care operations in Arizona, Utah and Massachusetts, and projected revenues of almost $8 billion in 2018, the first year of consolidated operations. The merger is expected to close in this year’s third calendar, subject to regulatory approvals, terms and conditions. Terms of the transaction were not disclosed.
Steward currently runs 18 hospitals and directly employs more than 1,300 multi-specialty physicians in Massachusetts, Ohio, Florida and Pennsylvania. IASIS operates 17 hospitals and one behavioral-health hospital in locations across Utah, Arizona, Colorado, Texas, Arkansas and Louisiana.
If the deal goes through, Steward will have nearly 7,500 patient beds across 10 states with about 38,000 employees, including more than 1,800 directly employed multi-specialty physicians and several thousand aligned physicians.
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