MedCath and its physician partners have entered into a definitive agreement to sell substantially all the assets of Heart Hospital of Austin to St. David's Healthcare Partnership, an Austin, Texas-based joint venture of HCA, Nashville.
MedCath said the transaction is expected to close during its third fiscal quarter of 2010, subject to customary closing conditions and regulatory requirements.
The sale comes after Austin Heart, a cardiology practice and co-founder of the 58-bed Heart Hospital of Austin (along with MedCath and other physicians) integrated with St. David's. Beginning with its second quarter of fiscal 2010, which ends March 31, MedCath will account for Heart Hospital of Austin as an asset-held-for-sale for current and prior reporting periods.
St. David’s Healthcare operates hospitals in central Texas, with more than 6,200 workers.
MedCath, headquartered in Charlotte, N.C., owns an interest in and operates 10 hospitals with a total of 825 licensed beds in Arizona, Arkansas, California, Louisiana, New Mexico, South Dakota and Texas.