Northstar Healthcare has completed the deal with First Surgical Partners Holdings for First Nobilis, a newly formed entity, which will own and operate hospital and surgical centre businesses.

As part of the transaction, the new entity First Nobilis will assume the operations of First Surgical Hospital and First Street Surgical Centre in Texas, the US.

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Northstar owns a 51% stake in First Nobilis, while the remaining 49% interest will be held by First Surgical.

Northstar Healthcare president Harry Fleming said: "Northstar chose to raise a lower amount in the Private Placement than previously announced due to the fact that after the announcement of the First Street transaction, Northstar received the proceeds from the exercise of the purchase warrants previously issued in connection with the December 2013 private placement.

"Northstar signed management agreements to manage the operations of the hospital and surgical centre."

"With the exercise of the earlier warrants and the amount of the Private Placement, the total gross amount received by Northstar was approximately $10.4m."

In addition to this, Northstar signed management agreements to manage the operations of the hospital and surgical centre.

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The company provided a total of $7.5m to First Nobilis. The amount was pooled under a recently closed brokered private placement.

First Surgical Partners Holdings chairman Dr Jacob Varon said: "We are excited for our affiliation with Northstar, which will combine the surgical experience of First Surgical with the administrative and marketing expertise of Northstar. This combination will make both
companies stronger."

Northstar operates seven healthcare facilities in Texas and Arizona, which include four ambulatory surgery centres, two MRI centres and an urgent care centre.