Steward Enters into Stalking Horse Purchase Agreement with Orlando Health for Northern Florida Operations
14 Agosto 2024 - 3:30PM
Business Wire
Operations include Rockledge Hospital,
Melbourne Hospital, Sebastian Hospital and Associated Steward
Medical Group Practices in Northern Florida
Steward Health Care (“Steward” or the “Company”), the country’s
largest physician-led, minority-owned, integrated health care
system, today announced that it has entered into a binding asset
purchase agreement to sell its Northern Florida operations,
comprised of Rockledge Regional Medical Center, Melbourne Regional
Medical Center, Sebastian River Medical Center, and Steward Medical
Group Practices in Northern Florida, to Orlando Health, a private,
not-for-profit healthcare organization serving the Southeastern
United States and Puerto Rico. Orlando Health’s qualified bid has
been designated as the stalking horse and, subject to the terms of
the agreement, Orlando Health’s bid will be subject to higher or
better qualified bids received by August 26th, 2024, at which time
a bankruptcy court-approved auction may occur.
“The emergence of Orlando Health, a premier health system with
extensive operations in and around Florida, as the leading
qualified bid committed to purchasing these assets reinforces the
attractiveness of these best-in-class assets,” said Mark Rich,
President of Steward Health Care. “We look forward to reviewing any
additional bids that are received between now and August 26th, and
are encouraged by Orlando Health’s vote of confidence in our
Northern Florida operations.”
Orlando Health is a 3,487-bed system that includes 17 hospitals,
10 free-standing emergency rooms and 9 Hospital Care at Home
programs, with additional facilities under development. In
addition, the system also includes skilled nursing facilities, an
in-patient behavioral health facility under the management of
Acadia Healthcare, and more than 375 outpatient facilities that
include physician clinics, imaging and laboratory services, wound
care centers, home healthcare services in partnership with LHC
Group, and urgent care centers in partnership with CareSpot Urgent
Care. More than 4,950 physicians, representing more than 100
medical specialties and subspecialties have privileges across the
Orlando Health system, which employs more than 29,000 team members
and more than 1,500 physicians.
The transaction is subject to customary closing conditions,
including Bankruptcy Court and regulatory approval, and is expected
to close in the Q4 2024 should Orlando Health emerge as the winning
buyer at the auction.
Steward is represented by Weil, Gotshal & Manges LLP
(Restructuring Counsel), McDermott Will & Emery (Regulatory
Counsel), Leerink Partners LLC (Healthcare Investment Banker), and
AlixPartners, LLP (Financial Advisor).
About Steward Health Care Over a decade ago, Steward
Health Care System emerged as a different kind of health care
company designed to usher in a new era of wellness. One that
provides our patients better, more proactive care at a sustainable
cost, our providers unrivaled coordination of care, and our
communities greater prosperity and stability.
As the country’s largest physician-led, minority-owned,
integrated health care system, our doctors can be certain that we
share their interests and those of their patients. Together we are
on a mission to revolutionize the way health care is delivered -
creating healthier lives, thriving communities and a better
world.
Based in Dallas, Steward currently operates more than 30
hospitals across Arizona, Ohio, Pennsylvania, Arkansas, Florida,
Louisiana, Texas, and Massachusetts.
Additional information is available at www.steward.org
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Media Josephine Martin josephine.martin@steward.org