US-based healthcare services firm Tenet Healthcare has signed an agreement with private-equity firm Welsh, Carson, Anderson & Stowe to acquire 50.1% interest in United Surgical Partners International (USPI).
As part of the deal, Welsh Carson and other existing investors in USPI will initially own the remaining 49.9% interest.
Tenet Healthcare president Trevor Fetter said: "Through strong partnerships with physicians and leading health systems, USPI has built a network of relationships and facilities that are providing high-quality surgical care across the US."
"The partnership accelerates Tenet’s and USPI’s shared strategy to expand our ambulatory service offerings to meet growing consumer demand for services that are provided in a lower cost, more convenient setting and that are aligned with the long-term transition to value-based care."
The joint venture will own interests in 244 ambulatory surgery centres, 16 short-stay surgical hospitals, and 20 imaging centres in 29 states.
Under the deal, Tenet will add 44 freestanding ambulatory surgery centres and 20 imaging centres, while Welsh Carson will add USPI’s 202 ambulatory surgery centres and 16 surgical hospitals.
The combined operations are said to own partnerships with 50 health systems and more than 4,000 physicians at the facility level.
USPI CEO Bill Wilcox said: "We share Tenet’s vision and excitement with regard to the benefits of this transaction and look forward to working with Tenet to grow our ambulatory services platform."
In addition, Tenet signed an agreement to acquire operations of Aspen Healthcare from Welsh Carson for $215m in cash. Aspen operates nine private hospitals and clinics in the UK.
Subject to customary closing conditions, both deals are expected to be completed by the end of the third quarter this year.