Medical Properties to sell Prospect’s managed care business to Astrana Health

seekingalpha11-08

Funtap/iStock via Getty Images Medical Properties Trust (NYSE:MPW) on Friday announced a binding agreement, pursuant to which majority of Prospect’s managed care platform will be sold to Astrana ...

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Astrana (ASTH) expects to fund the deal using a combination of cash on hand and a $1.09B 364-day senior secured bridge commitment provided by Truist Bank and J.P. Morgan. The transaction remains subject to regulatory approval and other closing conditions and is expected to close in mid-2025. Astrana (ASTH) plans to make significant investments in Prospect and its infrastructure to further enhance access and quality of care for patients in local communities. \"This strategic transaction will significantly expand our provider network and enhance our ability to offer increased access, quality, and value for our members,” said Brandon K. Sim, President and CEO of Astrana. After satisfaction of obligations to the managed care platform’s senior creditor and other liabilities, Medical Properties Trust (MPW) expects to receive around $200M in total proceeds. The majority of this cash is expected to be received in the first half of 2025, while a $50M payment is expected by 2027. Medical Properties Trust (MPW) acquired 16 hospitals operated by Prospect Medical Holdings in August 2019. 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