Ventas — a real estate investment trust — has reached a deal with Equity Group Investments, giving EQI a majority ownership of the hospital operations of Nashville, Tenn.-based Ardent Health Services, which Ventas agreed to buy earlier this year.
Under the agreement, Ventas will own a 9.9 percent interest and EQI will own a majority interest. Full terms of the transaction were not provided on Tuesday.
Ventas first announced a deal between the parties in April, when the company said it planned to pay nearly $1.8 billion for the hospital chain.
"We are delighted to partner with EGI and Ardent's management in this transaction," said Ventas Chairman and CEO Debra A. Cafaro in a news release. "With Ardent, we are well positioned to grow in the large, fragmented and rapidly consolidating $1 trillion domestic hospital segment."
Ardent President and CEO David T. Vandewater shared Ms. Cafaro's enthusiasm about the deal. "With these strong partners of EGI and Ventas, we believe we can build upon our success and provide additional capital to our facilities and expand into new service areas," he said.
The deal is subject to regulatory approval and is expected to close in the third quarter of 2015.
More articles on healthcare industry transactions:
7 recent hospital transactions and partnerships
Baystate Health acquires another Massachusetts hospital
Good Samaritan Health System officially joins WellSpan