Portneuf Medical Center part of merger deal
Ardent Health Services and LHP Hospital Group have announced a merger agreement. LHP owns Portneuf Medical Center in Pocatello. The terms of the deal were not disclosed.
In a joint news release, the two companies said the transaction will create the second largest private, for-profit hospital operator in the United States. It will include 19 hospitals across six states and $3 billion in revenues.
Ardent currently operates three health systems with 14 hospitals and employs multi-specialty physicians in nearly 100 locations across New Mexico, Oklahoma, and Texas.
LHP’s hospitals include Portneuf Medical Center in Pocatello, Bay Medical Center in Panama City, Florida, HUMC Mountainside in Montclair, New Jersey, and Seton Medical Center in Harker Heights, Texas.
The transaction is not expected to impact day-to-day operations of the affiliated hospitals.
Under the transaction, Ardent will operate 3,200 patient beds across six states with approximately 18,000 employees, including more than 475 employed physicians.
“This is a transformative growth opportunity for Ardent that will provide significant benefits to each of the communities our companies serve,” said David T. Vandewater, president and CEO of Ardent Health Services. “In addition to combining two organizations with similar operating philosophies and a strong focus on local partnerships and collaboration, this transaction dramatically enhances our scale, diversity, and geographic reach-creating new synergies that better position us for future growth and investment in new and existing markets. We look forward to working closely with the outstanding employees, physicians, nurses and partners associated with LHP to advance our shared goals.”
