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Quorum divests Texas hospital

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Brentwood, Tenn.-based Quorum Health has completed the sale of Scenic Mountain Medical Center, a 146-bed hospital in Big Spring, Texas, to Dallas-based Steward Health Care. 

Quorum said proceeds from the $22 million sale will be used to pay down its debt load.

Quorum, which now owns 26 hospitals, plans to divest additional hospitals. In a March 12 filing with the Securities and Exchange Commission, Quorum President and CEO Bob Fish said the company is actively marketing both individual hospitals and groups of hospitals.

"We continue to see active interest in the assets being marketed," he said. "Once we're able to complete our currently planned divestitures, we expect the profile of our business to consist of 18 to 20 premier rural and non-urban hospitals generating $1.2 million to $1.4 million in revenue with enterprise adjusted EBITDA margins in the mid-teens."

More articles on healthcare industry transactions:

Chicago hospital pitches $22.5M deal to expand footprint
Advocate Aurora Health acquires Wisconsin hospital
Advocate Aurora Health acquires Wisconsin hospital

 

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