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Steward Health Care And IASIS Healthcare Announce Definitive Agreement To Merge

22 May 17

Steward Health Care LLC ("Steward") and IASIS Healthcare LLC ("IASIS") today announced they have entered into a definitive agreement to merge their operations. The transaction will make Steward the largest private for-profit hospital operator in the United States with 36 hospitals across ten states, managed care operations in Arizona, Utah and Massachusetts, and projected revenues of almost $8 billion in 2018, the first year of consolidated operations. The merger is expected to close in the third calendar quarter of 2017, subject to customary regulatory approvals, terms and conditions. Terms of the transaction were not disclosed.

Steward currently operates 18 hospitals and directly employs more than 1,300 multi-specialty physicians in locations across Massachusetts, Ohio, Florida and Pennsylvania. IASIS operates 17 hospitals and one behavioral health hospital in locations across Utah, Arizona, Colorado, Texas, Arkansas and Louisiana. Through this transaction, Steward will operate nearly 7,500 patient beds across ten states with approximately 38,000 employees including more than 1,800 directly employed multi-specialty physicians and several thousand aligned physicians.

The merger with IASIS positions Steward to leverage IASIS's multi-state operating experience to bring Steward's new model of health care and its award-winning health care services to patients across the nation. As part of the merger with IASIS, Steward will also begin managing the Health Choice managed care operations, which covers more than 680,000 lives. This will bring the total number of covered lives within Steward's managed care and health insurance products to more than 1.1 million.

"Our physician-driven accountable care model focused on keeping patients healthy is transforming the health care industry as this transaction demonstrates," said Dr. Ralph de la Torre, Chairman and CEO of Steward Health Care. "Our model shows how the industry can successfully shift toward a more cost-effective local, coordinated approach that puts patients first."

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