Astrana Health (ASTH) announced that the company and its affiliated professional entities have entered into a definitive agreement to acquire Prospect Health, which consists of certain businesses and assets relating to Prospect Health System, including its California licensed health care service plan, medical groups in California, Texas, Arizona and Rhode Island, management service organization, pharmacy, and Alta Newport Hospital dba Foothill Regional Medical Center, a fully accredited acute care hospital with 177 licensed beds.
Astrana plans to acquire the Prospect businesses and assets for a purchase price of $745 million. Astrana expects to fund the transaction using a combination of cash on hand and a senior secured bridge commitment provided by Truist Bank and J.P. Morgan. Astrana plans to make significant investments in Prospect and its infrastructure.
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