LifePoint Health, Inc. completed the acquisition of an 82% stake in Springstone Health Opco, LLC from Medical Properties Trust, Inc. for approximately $210 million.
February 06, 2023
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LifePoint Health, Inc. entered into a definitive agreement to acquire 82% stake in Springstone Health Opco, LLC from Medical Properties Trust, Inc. (NYSE:MPW) for an enterprise value of $250 million on August 26, 2022. As part of the transaction, Medical Properties Trust will continue to own a majority of Springstoneâs real estate locations and retain its current minority stake in Springstoneâs operating company. Once the transaction is finalized, Springstoneâs caregivers will join the LifePoint family, and patients should experience no disruptions in care. The transaction is subject to the satisfaction of customary closing conditions, including routine regulatory notices, and is expected to be finalized in early 2023. As of November 9, 2022, the transaction is expected to close in first half of 2023. Barclays and Goldman Sachs & Co. LLC served as financial advisors to LifePoint Health. Tony Feuerstein and Adam Weinstein of Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to LifePoint Health. Bradley served as legal counsel to Springstone. Goodwin Procter and Baker Donelson PC served as legal counsel to Springstone and Medical Properties Trust. Guggenheim Securities, LLC acted as financial advisor to Medical Properties Trust, Inc. As of February 7, 2023, In conjunction with Lifepointâs acquisition, MPT sold for approximately $205 million in cash its approximately $190 million loan, plus accrued interest, to Lifepoint. O'Melveny & Myers LLP acted as legal advisor to LifePoint Health, Inc.
LifePoint Health, Inc. completed the acquisition of 82% stake in Springstone Health Opco, LLC from Medical Properties Trust, Inc. (NYSE:MPW) on February 7, 2023.
Medical Properties Trust, Inc. is a self-advised real estate investment trust (REIT). The Company conducts all of its operations through its subsidiary, MPT Operating Partnership, L.P. (the Operating Partnership). It acquires and develops healthcare facilities and leases the facilities to healthcare operating companies under long-term net leases. It also makes mortgage loans to healthcare operators collateralized by their real estate assets. The Company selectively makes loans to certain of its operators through its taxable REIT subsidiaries (TRS). The Company has healthcare investments in the United States, Europe and South America. The Company owns hospital real estate with 434 facilities in nine countries and across three continents. The Company's financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations.
LifePoint Health, Inc. completed the acquisition of an 82% stake in Springstone Health Opco, LLC from Medical Properties Trust, Inc. for approximately $210 million.