St. Louis-based Ascension has acquired full ownership of Cedar Park (Texas) Medical Center for $436 million in cash.
Five things to know:
1. Franklin, Tenn.-based Community Health Systems sold its 80% ownership stake in the 126-bed hospital to Ascension Seton, a subsidiary of the health system that operates 13 hospitals and 222 care sites in Central Texas.
2. As part of the transaction’s completion, CHS distributed the remaining balance owed — about $23 million — from Cedar Park Regional to Ascension.
3. The definitive agreement for the transaction was announced on April 15, and the deal officially closed on June 30.
4. With full ownership, Ascension President Eduardo said the health system can “accelerate growth, streamline operations and introduce new services that meet the evolving needs of the community.”
5. Last month, Ascension also entered into a definitive agreement to acquire AmSurg, an ASC operator with more than 250 facilities across 34 states. Financial terms of the transaction were not disclosed, but Bloomberg previously reported the deal to be valued at about $3.9 billion.
