Healthcare Finance News November 12, 2024
The strategic $745M transaction opens new opportunities for Astrana in Orange County, California, where it has limited operations, says CEO.
Technology company Astrana Health is acquiring certain assets of Prospect Health for $745 million.
Astrana is acquiring Prospect Health Plan in California, Prospect Medical Groups in California, Texas, Arizona and Rhode Island, management service organization Prospect Medical Systems, RightRx pharmacy and Alta Newport Hospital, dba Foothill Regional Medical Center, an acute care hospital with 177 licensed beds in California.
Astrana plans to fund the transaction using a combination of cash on hand and a $1.1 million 364-day senior secured bridge commitment provided by Truist Bank and J.P. Morgan.
Prospect is expected to generate approximately $1.2 billion in revenue with expected...
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