HCA co-founder Thomas Frist Jr. will hold about a 15% stake in the new ownership group set to take the company private for the third time in its history, HCA said in a securities filing. HCA also said it plans to call a special meeting to seek shareholder approval for the $33 billion leveraged buyout. HCA executives have pledged to invest $46.5 million in the new ownership group, or a stake of about 1%. That includes a $20 million commitment from Chairman and Chief Executive Officer Jack Bovender Jr. The overall management commitment will rise when a replacement is named for HCA Eastern Group President Charles Evans, who is retiring at year-end. Senior managers were required to invest in the ownership group by the three private equity firms that will own a majority stake. Other managers may participate if they choose by rolling over company stock options to vest as shares when the buyout closes. -- by Vince Galloro
HCA discloses ownership stakes in buyout group
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