Business
Ardent to buy Tulsa health system
NEWS IN BRIEF — Posted June 7, 2004
Ardent Health Services has agreed to pay $281.2 million to buy an Oklahoma-based health system that has dozens of health care facilities, including six hospitals in Tulsa and 10 others in the region.
The agreement to purchase Hillcrest HealthCare System, announced May 11, was subject to regulatory approval and closing conditions. It was expected to be completed this summer.
As part of the deal, Nashville, Tenn.-based Ardent agreed to invest roughly $100 million in the system over the next five years for new equipment, facilities improvements and more. It also agreed to hire Hillcrest's employees and maintain its medical staffs.
Ardent, which was established in 1993 with six behavioral health facilities, now owns 27 hospitals in 13 states. It had net revenue of $1.3 billion last year.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2004/06/07/bibf0607.htm.
