Portneuf Medial Center Sold to Ardent Health Services
POCATELLO — The company that owns a majority share of Portneuf Medical Center is merging with another company creating the second largest private, for-profit hospital operator in the country.
L.H.P. Hospital Group, Inc. announced Wednesday that it will merge with Ardent Health Services. The merger means Ardent will own 19 hospitals across six states with revenues of $3 billion.
Portneuf Health Trust will remain the minority, not-for-profit owner and there are local physicians who also own shares of the hospital.
The transaction is not expected to impact the day-to-day operations of the affiliated hospitals, according to a news release. Ardent will operate 3,200 patient beds across six states with approximately 18,000 employees, including more than 475 employed physicians.
“This is a transformative growth opportunity for Ardent that will provide significant benefits to each of the communities our companies serve,” said David T. Vandewater, president and CEO of Ardent Health Services. “We look forward to working closely with the outstanding employees, physicians, nurses and partners associated with LHP to advance our shared goals.”
The transaction is expected to close in early 2017, pending customary regulatory reviews and approvals.