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Steward Health Care merges with Tenn. hospital system




The Boston Globe

Dr. Ralph de la Torre, chairman and chief executive of Steward.

Steward Health Care System on Friday announced a deal with IASIS Healthcare of Franklin, Tenn., that will make it the largest private for-profit hospital operator in the country.

Boston-based Steward said the merger will make it the parent of 36 hospitals across 10 states, with revenues of nearly $8 billion. The deal with IASIS follows Steward’s its first out-of-state acquisition, completed earlier this month, of eight hospitals in Ohio, Pennsylvania, and Florida for $304 million.

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IASIS operates 18 hospitals in Utah, Arizona, Colorado, Texas, Arkansas, and Louisiana.

The deal is subject to regulatory approvals.

“Our physician-driven accountable care model focused on keeping patients healthy is transforming the health care industry as this transaction demonstrates,” Dr. Ralph de la Torre, chairman and chief executive of Steward, said in a statement.

Steward, backed by the New York private equity fund Cerberus Capital Management, entered the Massachusetts market in 2010 when it bought distressed hospitals formerly run by the Archdiocese of Boston.

Priyanka Dayal McCluskey can be reached at priyanka.mccluskey@globe.com. Follow her on Twitter @priyanka_dayal.

Article source: https://www.bostonglobe.com/business/2017/05/19/steward-health-care-merges-with-tenn-hospital-system/l11n2QDBV2xgQylOyk35IP/story.html

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