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Universal Health Services To Buy Knapp Medical Center
By: TexasBusiness.com Posted: Monday, December 5, 2011 12:04 am
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Texas Business reports: Pennsylvania-based Universal Health Services Inc. will buy certain assets of Knapp Medical Center located in Weslaco, Texas including a 226-bed acute-care hospital, the Knapp Surgery Center, Mid Valley Physician Association (PHO), Knapp Medical Group and various other real estate assets.
Weslaco is located in Hildago County, Texas which is approximately 20 miles east of McAllen and Edinburg where Universial Health operates four acute care hospitals, one behavioral health hospital and an ambulatory center. KMC projects a population growth of 9% in Mid Valley region of South Texas over the next 5 years.
“We are thrilled to have been chosen to continue Knapp Medical Center's tradition of providing high quality healthcare in this very important market,” said Universal Health Services chief executive Alan B. Miller in a prepared statement. “Knapp Medical Center is an ideal strategic fit for UHS and I am proud to welcome them to the UHS family.”
KMC currently generates annual revenue of approximately $140 million. This transaction, which is subject to normal regulatory approvals, is expected to be completed in the first quarter of 2012.
Universal Health Services Inc. is one of the nation's largest hospital companies, operating, through its subsidiaries, acute care hospitals, behavioral health facilities, and ambulatory centers throughout the United States, Puerto Rico and the U.S. Virgin Islands. |
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