Universal Health to Buy Addiction-Treatment Network
September 18 2015 - 10:50AM
Dow Jones News
Hospital company Universal Health Services Inc. said Friday that
it has agreed to buy privately-held Foundations Recovery Network
LLC for about $350 million, adding a network of addiction-treatment
centers to its portfolio.
The transaction has been approved by the Federal Trade
Commission and United Health expects to complete the deal in the
coming weeks.
Foundations, founded in 1995 and based in Brentwood, Tenn.,
offers treatment for co-occurring mental health and substance use
disorders. The company operates four residential and eight
outpatient facilities in the U.S.
Pennsylvania-based Universal Health, which is one of the
nation's largest hospital companies, said it would be adding 322
residential beds with 140 expansion beds in the pipeline.
The acquisition follows Universal Health's 2012 purchase of
private psychiatric hospital company Ascend Health and its 2010
tie-up with Psychiatric Solutions Inc.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 18, 2015 10:35 ET (14:35 GMT)
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