LifePoint Health and RCCH HealthCare Partners Announce Completion of Merger
November 16 2018 - 10:00AM
Business Wire
LifePoint Health, Inc. (NASDAQ: LPNT) (“LifePoint”) today
announced the completion of its merger with RCCH HealthCare
Partners (“RCCH”), which is owned by certain funds managed by
affiliates of Apollo Global Management, LLC (NYSE: APO) (together
with its consolidated subsidiaries, “Apollo”). As a result of the
merger, LifePoint’s common stock is no longer trading on NASDAQ,
effective today, and will be delisted.
The combined, privately held company will operate under the
LifePoint Health name and includes a footprint of regional health
systems, physician practices, outpatient centers, and post-acute
facilities in more than 85 non-urban communities that span coast to
coast.
“Today marks a historic moment for LifePoint Health and RCCH
HealthCare Partners. We are officially one organization dedicated
to providing high quality, community-based healthcare, and I am
energized by the opportunities we have ahead of us to serve
non-urban communities across the country,” said David Dill, whose
appointment as chief executive officer (CEO) of LifePoint became
effective upon completion of the transaction. “Our collective
teams–now united as the LifePoint Health team – share a dedication
to delivering compassionate, quality care, and have a deep bench of
expertise in helping healthcare providers in non-urban areas
succeed. Together, we have the size, experience, resources and
drive to be even greater leaders in transforming community-based
healthcare for the future.”
LifePoint’s headquarters will remain in Brentwood, Tennessee,
and it will maintain both organizations’ existing strategic
partnerships with well-known leaders in patient safety and clinical
quality as it seeks to continue to advance quality care in each of
its communities.
The executive team that will lead LifePoint moving forward
includes:
- David Dill, CEO;
- John Bumpus, Executive Vice President,
Administration;
- Michael Coggin, Executive Vice
President and Chief Financial Officer;
- Victor Giovanetti, FACHE, Executive
Vice President, Hospital Operations;
- Rob Jay, Executive Vice President,
Integrated Operations; and
- Jennifer Peters, Executive Vice
President and General Counsel.
Former LifePoint Health Chairman and CEO William F. Carpenter
III and former RCCH HealthCare Partners CEO Marty Rash will remain
engaged in the organization as members of the Board of Directors of
LifePoint.
“The healthcare delivery system in America is changing rapidly,
and it is vital that we take the steps needed to ensure that high
quality, compassionate care will be available to non-urban
communities across the country,” said Rash. “The merger of these
two companies creates an organization that is well positioned to be
impactful to our patients and our communities for years to
come.”
Carpenter commented, “I’m thrilled that our organizations have
come together as one and am incredibly confident in the future of
the newly-expanded LifePoint Health under David Dill’s leadership.
Ultimately, it is the care and services that our hospitals and
health systems are providing that are most important, and I know
the combined team will continue our legacy of supporting our
employees and caregivers so that we are Making Communities
Healthier for decades to come.”
As a result of the merger, LifePoint shareholders are receiving
$65.00 per share in cash for each share of LifePoint’s common stock
they owned, without interest and less any applicable withholding
taxes. This represents a premium of approximately 36% to
LifePoint’s closing share price on July 20, 2018, the last trading
day prior to the announcement of the merger.
Financing was provided by Barclays, Citigroup, RBC Capital
Markets, Credit Suisse, Deutsche Bank Securities and UBS Investment
Bank. PSP Investments Credit USA LLC and an affiliate of Qatar
Investment Authority have also provided a portion of the debt
financing. The financing also included an equity contribution from
funds managed by Apollo and other co-investors.
Goldman Sachs & Co. LLC served as financial advisor and
White & Case LLP served as legal advisor to LifePoint Health.
Barclays and MTS Health Partners, L.P. served as financial advisors
to RCCH, and Akin Gump Strauss Hauer & Feld LLP, Paul, Weiss,
Rifkind, Wharton & Garrison LLP and Sidley Austin LLP served as
legal advisors.
About LifePoint Health®LifePoint Health is a
leading healthcare company dedicated to Making Communities
Healthier®. Through its subsidiaries, it provides quality
inpatient, outpatient and post-acute services close to home.
LifePoint owns and operates community hospitals, regional health
systems, physician practices, outpatient centers and post-acute
facilities across the country. It is the sole community healthcare
provider in the majority of the non-urban communities it serves.
More information about the company can be found
at www.LifePointHealth.net.
About ApolloApollo is a leading global alternative
investment manager with offices in New York, Los Angeles, Houston,
Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi,
Singapore, Hong Kong and Shanghai. Apollo had assets under
management of approximately $270 billion as of September 30,
2018 in private equity, credit and real assets funds invested
across a core group of nine industries where Apollo has
considerable knowledge and resources. For more information about
Apollo, please visit www.apollo.com.
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Media Contact:Michelle
Augusty615-920-7654Michelle.Augusty@lpnt.net
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