St. Louis-based Ascension, the nation's largest nonprofit health system, is ending joint ownership of Health City Cayman Islands in Grand Cayman.
Here are four things to know about Ascension's decision to give up its stake in the hospital.
1. Ascension partnered with Narayana Health, a network of 23 hospitals based in Bengaluru, India, in 2014 to open Health City Cayman Islands. In November, Ascension announced plans to transition full ownership of Health City to Narayana Health.
2. In its financial documents for the first quarter of fiscal year 2018, Ascension said it had entered into an agreement to sell its stake in Health City to Narayana Health. The transaction is expected to close in fiscal year 2018.
3. Ascension said it will maintain a close relationship with Narayana Health and its Chairman and Director, Devi Shetty, MBBS, MS. Dr. Shetty, who entered the limelight in the early 1990s as Mother Teresa's cardiac surgeon, is one of India's most renowned heart surgeons.
4. "We greatly appreciate Ascension's support over the past five years as together we brought world-class healthcare to the Caribbean region," Dr. Shetty said in a statement to the St. Louis Business Journal.
More articles on healthcare industry transactions:
Advocate, Aurora Health Care to merge into $11B health system: 5 things to know
CHI Memorial to acquire Georgia hospital
HCA, Cleveland Clinic among finalists to take over Florida hospital