One of the nation’s largest faith-based health systems with revenues over $12 Billion had prioritized major markets in both the Southeast and Southwest regions as part of its strategic plan and national growth strategy. Its existing organizational scope includes 86 hospitals operating in 18 states, 40 long-term care and assisted- and residential-living facilities, academic medical centers, community health-services organizations, accredited nursing colleges, and home health agencies.
On the heels of helping our client create the largest state-wide network in the State of Kentucky, the health system asked Polsinelli to help close a critical deal for the acquisition of a six-hospital system in Houston, Texas.
As one of the largest health care acquisitions in 2013, the client agreed to contribute more than $1B to create a new health foundation which will focus on the unmet health needs of the area’s underserved population. In addition, the client committed an additional $1B in future investment in the campus over the next 7 years.
After an 11-month evaluation process and consideration of 30 local and national partners, Polsinelli’s client was selected as one of 3 final bidders. The firm’s client asked Polsinelli to complete complex due diligence and negotiate a mutually acceptable deal within a 3-month period.
The rigorous process involved an experienced team of Polsinelli attorneys from multiple practices including health care, non-profit, corporate and transactional, environmental, antitrust, employment, employee benefits, insurance, and tax. Together with our client, we:
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- Conducted due diligence over areas including real estate, compliance, employment, benefits, litigation, environmental, tax, bonds and financing.
- Negotiated and drafted the Definitive Agreement
- Obtained Hart Scott Rodino antitrust clearance and necessary regulatory and licensure approvals
- Successfully closed the deal
Polsinelli has been primary outside counsel for the national health system since 2010, handling a full range of transactional and litigation matters for the client nationally. Polsinelli’s national health care practice serves this client with strong groups of health care attorneys in Denver, Chicago, Kansas City, St. Louis, Dallas, Phoenix, Los Angeles and Washington D.C.