A $5.6 billion merger between LifePoint Health and RCCH Healthcare Partners, which is owned by private equity firm Apollo Global Management, has been approved by LifePoint’s shareholders.
LifePoint held a special meeting of shareholders on Oct. 29 to consider the deal, which was originally announced in July. The deal was the only megadeal in the healthcare space announced during the third quarter of 2018.
The acquisition is expected to be completed before the end of the year and is subject to closing conditions, according to LifePoint. Upon closing of the transaction, LifePoint shareholders will receive $65 in cash for each share of common stock they hold.
The combined company will operate more than 80 non-urban hospitals in 30 states, regional health systems, physician practices, outpatient centers and post-acute service providers. LifePoint Health is a publicly traded healthcare services company with 71 hospitals in 22 states and more than $6 billion in revenue in 2017.
The combined entity, which will be known as LifePoint Health, will have revenues of $8 billion, with 7,000 affiliated physicians, 60,000 employees and more than 12,00 beds.
David Dill, currently LifePoint’s president and COO, will assume the role of CEO of the combined company once it closes, LifePoint announced earlier this month.