Rural Healthcare Group (RHG) has announced a definitive agreement to acquire Steward Medical Group and Steward Health Care Network (collectively known as Stewardship).
This acquisition is poised to strengthen patient and physician outcomes in underserved communities.
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Financial terms and other details of the transaction remain confidential.
The acquisition is now subject to the receipt of certain customary regulatory approvals, including those from the Bankruptcy Court as well as concerned regulatory bodies.
RHG, a primary care provider organisation with a focus on delivering healthcare to underserved communities, operates 17 clinics across two US states.
Owned by private investment company, Kinderhook Industries, specialising in mid-sized healthcare businesses, RHG is headquartered in Nashville, Tennessee.
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By GlobalDataThe latest acquisition will allow RHG to make significant investments in Stewardship’s infrastructure while also ensuring that healthcare providers can continue serving patients within the existing network of clinics.
In addition, the deal will separate Steward Medical Group and Steward Health Care Network from Steward’s hospital system.
RHG’s expertise in transitioning clinics from health system-owned to independent operations is expected to be advantageous for patients, as it will keep healthcare local and allow continuity of care with familiar providers.
Steward Medical Group and Steward Health Care Network president Dr Joseph Weinstein said: “Working together, we will improve the patient and provider experience while enhancing the overall quality of care.”
Stewardship encompasses an integrated network of approximately 5,000 employed and affiliated providers across the country, combining Steward Health Care Network and the primary care providers of Steward Medical Group.
Steward Health Care’s bankruptcy proceedings, filed on 6 May 2024, are currently underway in the US Bankruptcy Court for the Southern District of Texas.
Legal and regulatory counsel for RHG in this transaction include Kirkland & Ellis, Bass, Berry & Sims, respectively, while Centerview Partners acted as investment bankers.
Representing Stewardship are Weil, Gotshal & Manges as restructuring counsel, Leerink Partners as Healthcare investment banker, McDermott Will & Emery as regulatory counsel, and AlixPartners as financial adviser.
