Mergers & Acquisitions
According to the nonprofit healthcare provider, operating revenue was $4.3 billion in the second quarter compared to $3.5 billion in the prior period.
AAC will acquire Sunrise House Foundation, which runs the New Jersey facility, and will invest $5 million in the 87,000-square-foot campus.
Catamaran serves about 25 million Americans with retail pharmacy network management, mail-order pharmacy, pharmacy claims management and patient-centric specialty pharmacy services to health plans and employers.
The deal, which still needs regulatory approvals, would end the hospital’s relationship with Stony Brook University Hospital.
Fitch also raised concerns about the deal coming at a time when Tenet is still integrating Vanguard Health Systems, which it acquired for $4.3 billion in 2013.
A number of big deals, involving both for-profit and nonprofit health systems, have recently fallen apart amid pushback from regulators and skepticism from researchers, who note a lack of evidence about long-term quality and cost impacts.
The top M&A in the sector have already totaled more than $64 billion, according to the Healthcare M&A Information Source by Irving Levin Associates.
The deal comes five years after Humana spent $790 million to buy Concentra, a network of 300 urgent care and physical centers and 245 work-site clinics in 38 states.
Deal makes Tenet largest provider of ambulatory services in the United States.
Banner finished 2014 with $8.8 billion in total assets.