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News Breaks
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October 1, 2009
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| 07:33 EDT |  | MDTH |
| theflyonthewall.com: | MedCath sells Sun City Cardiac Center Associates to Banner Health | | MedCath announced the sale of Sun City Cardiac Center Associates, a partnership owned 60% by MedCath Partners, LLC and 40% by certain physician and other investors, to Banner Health, an Arizona nonprofit health system. The transaction, which was structured as an asset sale, valued Sun City at $16.9 million, excluding approximately $0.9 million in working capital retained by the selling partnership. In addition to its portion of the sale proceeds, MedCath will lease certain equipment to Banner Health for approximately $0.3 million annually for three years. The sale was prompted by a regulatory change that required modifications to the services agreement between Sun City and Banner Health. After reviewing potential modifications to that services agreement, Banner Health and the owners of Sun City determined that a sale of its assets was in the best interests of the parties. The sale was effective September 30. :theflyonthewall.com |
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