UVA Health has acquired the complete stake in Novant Health UVA Health System, a health system in Northern Virginia, US earlier owned as a joint operating company with Novant Health.
Financial details of the transaction were not disclosed.
Novant Health owned a 60% stake in the joint operating company while UVA Health had a 40% stake.
The companies signed a letter of intent in February this year for UVA Health to acquire full ownership of the health system, including an outpatient services network.
In addition, the joint operating company comprises Novant Health UVA Health System Culpeper Medical Center, Haymarket Medical Center and Prince William Medical Center.
The acquisition will provide UVA Health with a total of more than 1,000 inpatient beds in Virginia. It also offers more opportunities for patients to benefit from clinical trials and specialised care.
UVA Health CEO and health affairs executive vice-president Craig Kent said: “As our academic health system expands throughout Virginia, we are able to provide the full range of primary and subspecialty care for patients throughout the Commonwealth.
“UVA Health will be able to provide greater access to cutting-edge therapies and clinical trials that can lead to better treatments for all in the years to come.”
UVA Health will leverage the framework built via the joint operating company over the last five years to expand its range of services.
In a separate development, HCA Healthcare has closed the acquisition of a majority stake in Brookdale Health Care Services.
Brookdale Senior Living agreed in February to divest an 80% stake in its home health, hospice and outpatient therapy business to HCA Healthcare for $400m. Brookdale holds a 20% equity interest in the joint venture.
The deal boosts HCA Healthcare’s post-acute care services, in turn enhancing the quality and patient experience, along with access to care.