Addison, Texas-based United Surgical Partners International, a subsidiary of Tenet Healthcare, has completed the acquisition of Towson, Md.-based SurgCenter Development.
1. The $1.2 billion transaction includes ownership interest in 86 ASCs.
2. USPI is offering to acquire equity interests in the ASCs from physician owners for about $250 million.
3. The company expects a phased consolidation of several facilities with an estimated adjusted EBITDA of about $275 million by years 3 to 4.
4. USPI has entered into a five-year partnership and development agreement with SurgCenter to build at least 50 de novo ASCs, most of which will be led by SurgCenter executives.
5. Prior to this agreement, USPI had acquired 67 ASCs from SurgCenter, which has developed more than 200 centers in its 28-year history.
6. USPI now has more than 440 surgical facilities in 35 states, further cementing its position as the largest ASC chain in the country.
"This transaction came together because of our shared commitment to quality, safety and delivering an industry-leading experience for our patients and physicians alike," Brett Brodnax, USPI president and CEO, said in a Nov. 8 news release. "We are excited to continue our long-standing relationship in partnership with the [SurgCenter] principals, who have an extremely effective development engine to expand our network of care."