HCA, Nashville, has reached a definitive agreement to buy out the Colorado Health Foundation's 40% interest in their Denver-based HealthOne joint venture, according to a securities filing HCA made today.
HCA moves closer to buying out partner in Colo. joint venture
The foundation announced the $1.45 billion deal in June. HCA has agreed to establish an independent advisory board and continue indigent care and graduate medical education programs. Critics have urged Colorado Attorney General John Suthers to review the transaction under the state Hospital Transfer Act, which provides greater scrutiny than the attorney general’s common-law authority to review deals involving charitable assets.
In the filing, HCA notes that the deal is expected to close in the third quarter subject to regulatory review. The company plans to finance the deal with its revolving credit facility, according to the filing.
HealthOne formed in 1995 and includes seven hospitals and 13 ambulatory surgery centers in the Denver area.
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