MedCath Corp., Charlotte, N.C., has agreed to sell its majority stake in a heart hospital in San Antonio, marking its fifth sales agreement since it announced the formation of a committee to study the company's strategic options in March, according to a news release.
MedCath to sell stake in Texas heart hospital
MedCath opened 75-bed Texsan Heart Hospital in 2004. The company owns a 69% stake in the hospital, with physician investors holding the remaining 31% stake. The buyer is Methodist Healthcare System of San Antonio, a 50-50 joint venture of Nashville-based HCA and Methodist Healthcare Ministries, San Antonio. Terms were not disclosed. The deal is expected to close in the quarter ended March 31, 2011, subject to regulatory approvals.
The four previous deals that MedCath has announced this year have been completed. These include three sales of its stakes in heart hospitals and its minority stake in a joint venture that provides cardiac catheterization lab services in Yuma, Ariz. Completing the Texsan deal would leave MedCath with majority stakes in five heart hospitals and a minority stake in one heart hospital.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.