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Physicians acquire 35-hospital health system from private equity firm

Dallas-based Steward Health Care is now the largest physician-owned healthcare system in the U.S.

The 35-hospital system announced June 2 that a management group of Steward physicians led by the company's CEO and founder acquired a controlling interest of Steward from Cerberus Capital Management, a private equity firm. The physicians will control 90 percent of the company and Medical Properties Trust will maintain its 10 percent stake. 

"The COVID-19 global pandemic has exposed serious deficiencies in the world's health care systems, with a disproportionate impact on underserved communities and populations," Steward CEO and Founder Ralph de la Torre, MD, said in a news release. "We believe that future health care management must completely integrate long-term clinical needs with investments. As physicians first, we will focus on creating structures and timelines that meet the long-term needs of our communities and the short-term needs of our patients."

Steward was founded more than a decade ago, and Cerberus invested in the company in 2010. Today, Steward has 35 hospitals in nine states and more than 40,000 employees. 

More articles on healthcare industry transactions:
CHS seeks to end Florida hospital lease
Beaumont, Summa Health cancel $6.1B merger plan
Baptist Health speeds up $361M deal for 9th hospital

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