Universal Health Services, King of Prussia, Pa., completed two psychiatric acquisitions and nearly doubled its stock buyback program. Universal said it paid $207 million in cash for the stock of Keys Group Holdings, including Keystone Education and Youth Services, a Nashville-based provider of youth psychiatric services. The acquisition included 21 residential treatment facilities with 1,280 beds, 21 private therapeutic day schools and four detention facilities. The facilities are expected to generate $165 million in annual revenue. Universal also acquired four therapeutic boarding schools and an outdoor intervention program out of the bankruptcy of Brown Schools, Austin, Texas, for undisclosed terms. The acquisitions gave Universal 95 psychiatric facilities, in addition to its 24 acute-care hospitals. Universal said its directors recently authorized the repurchase of up to 2 million shares, on top of a previously authorized 2.1 million-share buyback. -- by Vince Galloro
Universal adds psych holdings, expands stock buyback
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