Under the terms of the transaction, AHS will assume all management and operational responsibilities at LHP and for its existing partnerships.
Paul Kappelman, former interim CEO of LHP, will serve as executive vice president and COO of AHS.
To complete the transaction, AHS received $700 million in financing from Ventas, a real estate investment trust in Chicago. The for-profit hospital operator also received “significant equity contribution[s]” from its majority owner, an affiliate of Chicago-based Equity Group Investments.
“Today marks the beginning of an exciting new chapter for our company,” said David Vandewater, president and CEO of AHS. “With a shared focus on local partnerships and collaboration, and the additional scale and market diversity we gain through this merger, Ardent is well positioned to compete in a rapidly changing healthcare environment. We are pleased to welcome our new employees, physicians and partners and look forward to working together to continue investing in the communities we serve.”
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