Bankruptcy trustee Alfred Giuliano is conducting the sale. HPA of Charlotte, N.C., filed for bankruptcy protection in 2008. But St. Joseph is financially healthy, with annual net revenues of $245 million, according to Franklin, Tenn.-based Iasis.
The minority partners already have approved the sale to Iasis, according to a news release. The transaction is subject to customary regulatory approval and is expected to close in the third fiscal quarter of this year.
“We are privileged to have been selected as the stalking horse in this sale process and look forward to the prospect of soon adding St. Joseph to our growing family of hospitals,” said IASIS Healthcare President and CEO Carl Whitmer, in the release.