Business
Medical Facilities Corporation forms joint venture with NueHealth, acquires seven ambulatory surgical centers
Medical Facilities Corporation forms joint venture with NueHealth, acquires seven ambulato...
About this update from Medical Facilities Corporation
[{"type":"text","content":"\n\n\n\nMedical Facilities Corporation forms joint venture with NueHealth, acquires seven ambulatory surgical centers\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbtb0{\nBORDER-BOTTOM:black 0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nFRANKLIN, TN, Jan. 12, 2018\n\n\n\nFRANKLIN, TN, Jan. 12, 2018 /CNW/ - Officials with Medical Facilities Corporation (\"Medical Facilities\" or the \"Company\") (TSX: DR), today announced an agreement with Kansas-based NueHealth LLC (\"NueHealth\") to form a joint venture (the \"Joint Venture\") and acquire seven ambulatory surgical centers from Meridian Surgical Partners of Brentwood, Tenn (\"Meridian\").\n\nThe joint venture, called MFC Nueterra Holding Company, LLC, will be majority-owned by Medical Facilities. Medical Facilities' portion of the US$46.5 million total purchase price will be funded by cash and a draw on its credit facility. The parties expect to close on or before March 2018, subject to customary closing conditions.\n\n\"NueHealth brings to this partnership significant national experience operating surgical centers and working with physician partners. Combining this expertise with our own skill at identifying high-quality and well-valued surgical centers creates a strong platform for growth,\" said Robert O. Horrar, President and CEO of Medical Facilities. \"These initial seven surgical centers have an established presence in their communities, skilled physicians and an attractive payor mix. Through the joint venture, we have the ability to acquire additional ambulatory surgery centers and build synergies throughout the network.\"  \n\nMedical Facilities currently holds ownership interest in specialty surgical hospitals and ambulatory surgical centers in Arkansas, California, Indiana, Oklahoma and South Dakota. ...