IASIS Healthcare® LLC ("IASIS") today announced the completion of its acquisition of a 79% ownership interest in St. Joseph Medical Center ("St. Joseph"), a 792 licensed bed facility in downtown Houston, Texas. The transaction was based upon an enterprise value of $165 million and is subject to final purchase price adjustments. Physician investors own the balance of the hospital's equity.
St. Joseph provides a full range of general, acute care medical and surgical inpatient and outpatient services including cardiology and cardiovascular surgery, cancer, intensive/critical care, emergency, neurosurgery, imaging, orthopedics, neonatal intensive care and a full-service women's program, as well as sub-acute services such as psychiatric and rehabilitation units.
"We are pleased and privileged to welcome St. Joseph into our growing family of hospitals," said IASIS Healthcare President and Chief Executive Officer Carl Whitmer. "St. Joseph's long and celebrated history of providing compassionate, high-quality care combined with its highly skilled medical staff, well-established residency program and numerous teaching opportunities have served the residents of southeast Texas with distinction for nearly 125 years. Together with our physician partners, we look forward to using our proven operational strategies, advanced clinical information systems, comprehensive quality infrastructure and access to capital to build upon these honored traditions for many more years to come."
The addition of St. Joseph expands IASIS' Texas presence to five hospitals and 1,935 licensed beds. IASIS also owns and operates Odessa Regional Medical Center in Odessa, The Medical Center of Southeast Texas in Port Arthur, Southwest General Hospital in San Antonio and Wadley Regional Medical Center in Texarkana.
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