MedCath Corp., Charlotte, N.C., has completed two previously announced sales of its stakes in heart hospitals in Arkansas and New Mexico, according to separate news releases.
MedCath sells stakes in two heart hospitals
Ardent Health Services, Nashville, completed its acquisition of a majority interest in Heart Hospital of New Mexico from MedCath, according to an Ardent news release. MedCath owned a 74.8% stake in the 55-bed hospital in Albuquerque, with physician investors owning the remaining stake, according to a MedCath securities filing. The deal, announced in May, values the hospital at $119 million. Ardent plans to combine the hospital with its Lovelace Medical Center and rename the facility Heart Hospital of New Mexico at Lovelace Medical Center, according to its release.
MedCath also completed the sale of its 70.3% interest in 112-bed Arkansas Heart Hospital, Little Rock, according to a MedCath release. The buyer is AR-MED, a limited liability company majority-owned by Dr. Bruce Murphy, who already owned a stake in the hospital. The deal valued the hospital at $73 million.
MedCath is in the process of selling its remaining assets and dissolving the company. Shareholders approved the liquidation plan, as well as these two deals, at their annual meeting last week, according to a securities filing. MedCath still owns stakes in four hospitals.
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