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Steward Health Care becomes private hospital operator of 36 hospitals following Iasis acquisition

Boston-based Steward Health Care completed its acquisition of Iasis Healthcare, an 18-hospital system in Franklin, Tenn., Sept. 29.

With the acquisition, Steward will become the largest private hospital operator in the nation, overseeing 36 hospitals across 10 states. Officials said the health system will experience projected revenues of nearly $8 billion in 2018, the first full-year of the consolidated company.

The 18 hospitals involved in the deal are located in Texas, Arizona, Utah, Arkansas, Colorado and Louisiana.

The transaction was reportedly worth $1.9 billion, according to a previous report from The Wall Street Journal. The organizations signed a definitive acquisition agreement in May.

Following news of the deal, Iasis Healthcare President and CEO W. Carl Whitmer announced his decision to leave his posts at the health system Friday. Mr. Whitmer spent 17 years at the organization, according to The Tennessean.

In a related transaction, Medical Properties Trust acquired the real estate interests of 10 Iasis acute care hospitals and one behavioral health facility, which Steward will operate. MPT also invested $100 million in Steward.

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