Stock Market News
by TveNews


Want to Learn Options Trading?

Turn a little into a LOT. We'll teach you how options trading can unlock quick 100% gains, even with stocks like AAPL, SPY and GOOG.
Click here to Learn Options Trading, Now.

Universal Health Services - UHS - To acquire Ascend Health Corporation

Monday, June 4, 2012 12:30:59 PM
Universal Health Services, Inc. (NYSE: UHS)  announced that they have reached a definitive agreement whereby UHS will acquire Ascend Health Corporation for $500 million in cash. Including the assumption of $17 million in Ascend net debt, the total transaction consideration is approximately $517 million.

UHS's acquisition of Ascend is a strategic transaction that enhances our industry-leading presence in the behavioral health care services sector.  Ascend is the largest private psychiatric hospital provider with  9 owned or leased freestanding psychiatric inpatient facilities located in 5 states including Texas, Arizona, Utah, Oregon and Washington.

"We are thrilled to add Ascend's high quality assets to our strong portfolio of behavioral health facilities. We expect this acquisition to be immediately accretive to earnings and provide organic growth and expansion opportunities," said Alan B. Miller, Chief Executive Officer and Chairman of the Board of UHS.  We expect to complete the transaction in the fourth quarter of 2012, subject to customary closing conditions, including regulatory approvals and clearance under the Hart-Scott-Rodino Act.

"Ascend and UHS have always shared a common set of principals and a commitment to the highest quality of care. We believe that combining with UHS represents an outstanding opportunity for our Company and will greatly benefit our patients and staff," said Richard Kresch, M.D., President and Chief Executive Officer of Ascend.

J.P. Morgan Securities LLC is acting as financial advisor to UHS.  Cravath, Swaine & Moore LLP is acting as legal advisor to UHS. Goldman, Sachs & Co. is acting as financial advisor to Ascend.  Cahill Gordon & Reindel LLP is acting as legal advisor to Ascend.

About Universal Health Services, Inc. - UHS

Universal Health Services, Inc. (UHS) is one of the nation's largest hospital companies, operating acute care and behavioral health hospitals and ambulatory centers nationwide and in Puerto Rico and the U.S. Virgin Islands.  It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (UHT).

As part of its ambulatory treatment centers division, it manages and/or owns outright or in partnerships with physicians, six surgical hospitals and surgery and radiation oncology centers located in four states and Puerto Rico. In January 2012, the Company sold Hospital San Juan Capestrano, a 108-bed behavioral health facility located in Puerto Rico. In December 2011, the Company sold Montevista Hospital (101-bed) and Red Rock Hospital (21-bed), both of which are located in Las Vegas, Nevada. In July 2011, the Company divested the Meadowood Behavioral Health System.

Want to Learn Options Trading?

Turn a little into a LOT. We'll teach you how options trading can unlock quick 100% gains, even with stocks like AAPL, SPY and GOOG.
Click here to Learn Options Trading, Now.

Stock Market Commentary

Market Update

Stock Market Commentary

Patriot Publishing Disclaimer

This is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances.

While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a real licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.


Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.

Learn the Stock Market

Sharper your stock trading skills with our stock market education section.