The Graymark-Foundation merger has been in the works since May 2012. Under the deal, Graymark will pay roughly $5 million in common stock and issue a $2 million note with 7 percent interest to Foundation. Graymark also paid down $6 million of Foundation’s debt.
The for-profit Foundation Surgical Hospital Affiliates owns controlling and noncontrolling interests in four surgical hospitals across Texas: Foundation Surgical Hospital of San Antonio, Foundation Surgical Hospital of El Paso, Heritage Park Surgical Hospital in Sherman and Houston Orthopedic & Spine Hospital in Bellaire. Foundation Surgery Affiliates owns noncontrolling interests in 11 ambulatory surgery centers across seven states.
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