Tags: ventas | hospital chain | Ardent Medical Services | healthcare REIT

Ventas Buys Private Hospital Chain for $1.75 Billion

Monday, 06 Apr 2015 07:29 AM


Ventas Inc., a healthcare real estate investment trust (REIT), said it would buy privately held hospital chain Ardent Medical Services Inc for $1.75 billion in cash.

Ventas' shares were up 2 percent at $74.74 in premarket trading on Monday.

The deal will give Ventas 10 Ardent hospitals with about 2,045 beds.

Ventas will split Ardent's real estate portfolio from its hospital operations, and sell the hospitals to a new company owned by current Ardent management and other equity sources.

Ventas will retain up to 9.9 percent of the new company.

The deal is expected to add 8-10 cents to Ventas' funds from operations per share in the first year after the transaction closes. The deal is expected to close in mid-2015.

Ardent currently owns 12 acute-care hospitals, a rehabilitation hospital, three multi-specialty physician groups and retail pharmacies.

Ventas, which owns seniors housing communities, medical office buildings, skilled nursing facilities and hospitals, also said it would spin off its portfolio of skilled nursing facilities.

The spinoff is expected to be completed in the second half of 2015, Chicago-based Ventas said.

© 2017 Thomson/Reuters. All rights reserved.

 
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Ventas Inc., a healthcare real estate investment trust (REIT), said it would buy privately held hospital chain Ardent Medical Services Inc for $1.75 billion in cash.
ventas, hospital chain, Ardent Medical Services, healthcare REIT
179
2015-29-06
Monday, 06 Apr 2015 07:29 AM
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