by Dave Muoio | December 2, 2021
Healthcare mergers and acquisitions are in no short supply as providers, health tech companies, payers and other industry players look to expand their businesses and gain a competitive edge. Here’s a roundup of new deals that were revealed, closed, rumored or called off during the month of November.
Tenet Healthcare acquired SurgCenter Development’s ambulatory surgical center business for approximately $1.2 billion, a portfolio that includes a controlling interest in 92 ambulatory surgery centers. Tenet said it plans to buy the centers’ remaining equity in the coming months and will also have the exclusive option to obtain ownership of at least 50 soon-to-come centers in the coming years.
DocGo, formerly called Ambulnz, closed its merger with special purpose acquisition company Motion Acquisition Corp. The deal implied an equity value of roughly $1.1 billion and brought $158 million in cash to the company. DocGo currently operates in 28 states and hopes to expand its mobile health business to 35 in 2022 with the new money.
Ballad Health has obtained the remaining equity of two rural Virginia hospitals: Johnston Memorial Hospital and Smyth County Community Hospital. The deal will allow Ballad to invest more than $310 million into two local foundations that previously controlled those minority stakes, which will support community health, workforce development and education in their areas.
LHC Group has wrapped up its acquisition of 47 Brookdale Health Care Services agencies from HCA Healthcare and Brookdale Senior Living. The purchase includes 23 home health locations, 11 hospitals and 13 therapy agencies across 22 states. It is expected to bring roughly $130 million in annualized revenue to LHC Group.