Deals
TPG Sells Iasis to Steward Health Care for $2 Billion
- PE firm said to expect about 50 percent profit after 13 years
- Buyer Steward Health doubles hospital network, adds six states
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TPG is selling Iasis Healthcare Corp., a hospital chain it has owned for 13 years, to a company backed by private equity rival Cerberus Capital Management for about $2 billion, people familiar with the matter said.
The sale to Steward Health Care System LLC, an acquisitive Boston-based hospital operator started by Cerberus in 2010, is an all-cash deal, said the people, who asked not to be identified because the terms are private. Iasis’s debt will be retired as part of the transaction, Steward said in a statement Friday.