Medical Properties Trust, Inc. entered into definitive agreement to acquire portfolio of 10 acute care hospitals from Legacy LifePoint Health, Inc. for approximately $700 million.

Medical Properties Trust, Inc. (NYSE:MPW) entered into definitive agreement to acquire portfolio of 10 acute care hospitals from Legacy LifePoint Health, Inc. for approximately $700 million on November 4, 2019. Under the terms of the agreements, Medical Properties Trust will lease back the hospitals to LifePoint under one master lease agreement. The transaction will be financed fully or partially through the net proceeds raised though Medical Properties Trust offering of 50 million shares.

The transaction is subject to certain customary regulatory and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2019 or first quarter of 2020. Barclays acted as financial advisor and Sidley Austin LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Akin Gump Strauss Hauer & Feld LLP, and Waller Lansden Dortch & Davis, LLP acted as legal advisors for LifePoint.