GI Alliance joins forces with Cardinal Well being to enhance assist
GI Alliance (GIA), a administration companies group for unbiased gastroenterology practices, has signed a definitive settlement to promote a majority stake to Cardinal Well being.
Cardinal Well being will purchase the stake from a mix of GIA's doctor homeowners and funds managed by Apollo associates.
The transaction, which values GIA at $3.9 billion, will unite two organizations dedicated to enhancing doctor assist in unbiased medical practices and making a scaled, multi-specialty managed companies platform.
James Weber, CEO of GI Alliance, stated: “GI Alliance and Cardinal Well being are aligned in our shared imaginative and prescient to construct a physician-led, nationwide specialty healthcare platform that would be the most popular selection for sufferers in search of dependable , high-quality specialist care.
“This partnership brings collectively two like-minded organizations targeted on delivering distinctive care and enhanced assist for physicians in unbiased medical practices.”
GIA, which works with greater than 900 physicians, affords a variety of gastroenterology care via its affiliated practices.
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This contains anesthesiology, pathology, infusion, radiology and scientific analysis companies.
GIA member physicians function in 135 ambulatory surgical facilities and 165 hospital networks, with the assist of 95 infusion facilities.
Jason Hollar, CEO of Cardinal Well being, stated, “Strengthening and increasing our specialty enterprise has been our high precedence.
“By combining GIA's already large-scale MSO and management in gastroenterology with our personal nationwide scale and business expertise in specialty therapeutic areas, GI Alliance and Cardinal Well being are collectively making a significant platform that can ship nice outcomes for sufferers and suppliers. We’re happy to welcome James Weber and his staff to the Cardinal Well being household.”
The deal, financially suggested by Barclays for GIA and its shareholders, with Katten offering authorized recommendation, is pending customary closing situations and regulatory approvals.
Apollo Hybrid Worth companion and co-head Jason Scheir stated: “We’re extremely pleased with the assist our Hybrid Worth franchise has supplied to GI Alliance to assist the group and its physicians considerably increase their enterprise over the previous two years .
“We consider GI Alliance has discovered a fantastic companion in Cardinal Well being to drive the corporate's continued development and success.”
