LifePoint Health, owners of UP Marquette Health System, Bell and Portage, say they are now acquired. RCCH Healthcare’s Apollo Global Management has acquired them for $5.6 Billion.
LifePoint Health shares rose more than 30% on Monday to $64.12 per share. This merger is expected to have a consolidated turnover of $8 Billion in 2017. At present, they have more than 7,000 doctors and 12,000 beds with a license.
In a statement, Regional Director for Marketing and Business Development for the UP Health System Victor Harrington said, “UP Health System sees the announcement of one of our owners, LifePoint Health, along with other RCCH HealthCare, to be exceptionally positive. They both aligned and shared the commitment of the system to make certain that our communities have access to high-quality healthcare services nearby to home. We are proud of our contribution to UP and our relationship with LifePoint. After the closing of this merger, we believe that we will have good opportunities to do our mission to make the community more healthy and meaningful.”
“The transaction should not affect the access of patients to our hospital, doctors or other places. Our priority and goal remains to provide high-quality patient care,” he added.
Healthcare sector being a complex segment and also a lucrative one, the majority of the tech giant have tried their hands on to venture the healthcare sector, but owing to some inefficiencies it turns out to be intricate for tech companies. In the last some years, Amazon, Apple, Microsoft, and Salesforce has made all the big moves in the sector, on the basis of acquisitions, hiring, and product announcement. However, despite a huge investment in the sector the majority of the giants didn’t manage to make the place. Ill-fated Google health by the search giant failed intensively with a huge engagement of resources and talent.