Ardent Health, LHP enter merger agreement
Nashville- based Ardent Health Services and Plano, Texas- based LHP Hospital Group last week announced they will merge into what would be the second-largest privately owned, for-profit hospital system in the country by revenue. The combined system would have 19 hospitals in six states and $3 billion in revenue. The system would own 3,200 beds and employ about 18,000 employees, including more than 475 physicians.
Terms of the deal were not disclosed. Ardent CEO David Vandewater said there is no overlap in the markets served by Ardent and LHP and he expects the merger could be approved in as little as two weeks.
Ardent operates 14 hospitals in New Mexico, Oklahoma and Texas.
LHP owns five hospitals through joint ventures in Florida, Idaho, New Jersey and Texas.
The hospitals are: Panama City, Fla.-based Bay Medical Center; Montclair, N.J.-based HUMC Mountainside; Westwood, N.J.-based HUMC at Pascack Valley; Pocatello, Idaho-based Portneuf Medical Center; and Seton Medical Center in Harker Heights, Texas.
According to the statement, Ardent, which will remain headquartered in Nashville, will assume LHP’s management and operational responsibilities within each joint venture. Ardent management will lead the combined company with assistance from key LHP executives.