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Foundation HealthCare to acquire University General Hospital for $33M

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Oklahoma City-based Foundation HealthCare, which owns and operates surgical hospitals, has signed an agreement to acquire 69-bed University General Hospital in Houston, which filed for chapter 11 bankruptcy protection earlier this year.

Under the agreement, Foundation will purchase UGH for $33 million.

Foundation CEO Stanton Nelson said he looks forward to building on the success Foundation has already had in the Houston area. "The Foundation team has a great track record in this market having developed, built and managed seven ambulatory surgery centers and one surgical hospital in the Houston area," he said.

The deal is expected to close Dec. 31.

More articles on healthcare industry transactions:

10 recent hospital transactions and partnerships
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Cleveland Clinic takes over Akron General Health System

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