Nashville, Tenn.-based HCA Holdings will spend nearly $750 million to buy back 9.36 million of its common shares from Kohlberg Kravis Roberts & Co., according to a recent Securities and Exchange Commission filing.
The repurchase at $80.12 per share was nearly HCA's closing price Tuesday. The buyback will be made in accordance with HCA's repurchase program, which was adopted by the hospital operator's board of directors in October 2015, according to the regulatory filing.
KKR and affiliates of Bain Capital bought HCA for $21.3 billion in 2006 and then took it public in 2011, according to The Wall Street Journal. Since then, both private equity firms have been selling off their stakes in the hospital network. In December 2014, Bain cut its stake in half, and in April 2015, HCA repurchased an additional 3.8 million shares from Bain affiliates.
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