In a “triangular reverse merger,” University General Hospital in Houston has signed a letter of intent with SeaBridge Freight, a trans-Gulf intermodal transportation company, according to a SeaBridge news release — a deal that would make the physician-owned hospital public and the freight company private.
Port Manatee, Fla.-based SeaBridge has entered a “slow-down period while retooling its business model” and is not generating revenue, according a source representing Tyson Wallis, an assistant in the transaction independent of both parties. University General will become a publicly traded hospital with physician owners, according to the spokesperson. Seabridge will change its name to University General Hospital and its symbol will be changed in early to mid-March when the transaction is finalized, according to the spokesperson.
The transaction between the physician-owned hospital and freight company is now subject to definitive agreements. Under the deal, the existing partners of the 72-bed University General would become majority owners of SeaBridge’s common stock. All existing management would remain at the hospital while the entire board of SeaBridge would be replaced with appointees of University General.
The spokesperson representing Mr. Wallis called the deal a “business combination” where, simultaneously, Seabridge will become private and University General will become public.
Read the news release on the transaction between University General Hospital and SeaBridge Freight.
Read more about hospital mergers and acquisitions:
– Valley Baptist Health System to Merge With Vanguard Health Systems
– Rhode Island’s Landmark Medical Center Receives Bid From Tennessee’s RegionalCare Hospital Partners
– Georgia’s Hutcheson Medical Center Discussing Merger With Tennessee’s Erlanger Medical Center
