Welsh Carson Sells Ardent Health Services to Ventas for $1.75 Billion
Ropes & Gray advised Welsh, Carson, Anderson & Stowe in its definitive agreement to sell Ardent Medical Services, Inc. (with its affiliates, Ardent Health Services) to real estate investment trust (REIT) Ventas, Inc. for $1.75 billion in cash. The sale was announced April 6 and is expected to close mid-year 2015, subject to regulatory approvals and customary closing conditions.
Nashville, Tenn.-based Ardent Health Services – owned by private equity funds managed by Welsh Carson – and its subsidiaries own and operate health systems in major markets in the United States. Ventas intends to separate Ardent Health Services’ hospital operations from its owned real estate and sell the hospital operations to one or more newly formed entities.
The Ropes & Gray team included private equity partners Othon Prounis and Anthony Norris (both of New York); business & securities litigation partner William Sussman (New York); tax partner Leo Arnaboldi (New York); benefits partner Alexandra Alperovich (New York); health care partner Stephen Warnke (New York); private equity counsel Christopher Parsons (New York); benefits principal Christine Joyce (Boston); tax associate Adam Greenwood (New York); and health care associate Christina Bergeron (Boston).