Hillcrest Healthcare to Sell 10 Hospitals to Ardent Health
CHICAGO — Hillcrest HealthCare System (HHS), a long-standing McDermott Will & Emery client, entered into an agreement to sell 10 of its 14 Oklahoma hospitals to Ardent Health Services, a Nashville-based for-profit health system. The purchase price for the hospitals will be $281.2 million, plus the net working capital of the hospitals. The transaction, which is scheduled to close sometime this summer, includes the sale of Hillcrest Medical Center, Tulsa Regional Medical Center and Specialty Hospital of Tulsa, among others.
McDermott Health Department partners Dean Kant and John Callahan were primarily responsible for negotiating the deal, with assistance from associates Linas Grikis and Sandra DiVarco.
HHS, with more than 6,000 employees and 1,800 physicians, is comprised of 39 entities including three metropolitan Tulsa hospitals, 10 regional hospitals, and two long-term care facilities. HHS' two major tertiary facilities are located in Tulsa - Hillcrest Medical Center, a 557-licensed bed medical center which was the city's first hospital, and Tulsa Regional Medical Center, a 331-licensed bed facility which is the nation's largest osteopathic teaching hospital. For more information visit www.hillcresthealthcare.com.
Ardent Health Services has approximately 11,000 employees and owns 27 hospitals in 13 states and a 164,000-member health plan. Ardent's hospitals provide a full range of medical/surgical, psychiatric and substance abuse services to patients ranging from children to adults. For more information, visit their website at www.ardenthealth.com.
