Universal Health Services, one of the largest hospital operators in the U.S., said Friday it will buy addiction treatment facility company Foundations Recovery Network for $350 million.
Foundations provides treatment for adults who have both addiction and mental health disorders. It has two facilities in California, one in Northern Georgia and one in Memphis, Tenn., along with eight outpatient centers. Universal Health Services said the deal will speed its growth in treating addiction and it praised Foundations' marketing.
The King of Prussia, Pa.-based company said the Federal Trade Commission has approved the purchase and it expects to complete it within a few weeks. Shares of Universal Health Services lost 78 cents to $138.23 in midday trading Friday.
