Iasis Healthcare Corp., Franklin, Tenn., said an investment group is working on a $1.4 billion buyout of the company expected to close by June 30, pending regulatory approvals. Iasis said the group is led by Texas Pacific Group and includes Iasis managers, JLL Partners -- Iasis' initial backer when the company was founded in 1999 -- and other current investors. Privately held Iasis said the deal will increase its access to capital, allowing it to expand its 15 hospitals and pursue acquisitions. On a related note, a May 3 item on Iasis' latest financial report incorrectly said the company spent 17.2% of revenue for the six months ended March 31 on medical malpractice claims. The expenditures were for medical claims filed by members of the company's Medicaid HMO in Arizona. In addition, the item mentioned a one-time gain of $3.6 million affecting Iasis' quarterly earnings but neglected to mention a one-time charge of $8.9 million for debt-issuing costs. -- by Vince Galloro
Iasis in $1.4 billion buyout
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