Physician investors and MedCath Corp., Charlotte, N.C., have agreed to sell Heart Hospital of Austin (Texas) for $83.6 million to St. David's HealthCare Partnership, an Austin-based joint venture of HCA, Nashville, and not-for-profit St. David's HealthCare, Austin, according to MedCath.
Doc investors, MedCath agree to sell Texas heart hospital
MedCath owns 70.9% of the 58-bed hospital, and the physicians own a 29.1% stake, according to MedCath. St. David's HealthCare Partnership will own the hospital in whole, according to a spokeswoman for the partnership.
The sale is pending regulatory approvals, including federal antitrust review under the Hart-Scott-Rodino Act, but should be completed by June 30, according to a MedCath securities filing. The integration of Austin Heart, one of the hospital's founding cardiology practices, into St. David's prompted the sale, according to MedCath.
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