KING OF PRUSSIA, Pa. (AP) — Hospital operator Universal Health Services Inc. said Monday that it will buy psychiatric facility operator Ascend Health Corp. for $500 million.
Ascend is based in New York. It runs 9 psychiatric inpatient hospitals in Texas, Arizona, Utah, Oregon, Washington. Universal Health said it is also taking on $17 million in debt held by Ascend as part of the deal. Universal Health owns and runs 231 hospitals.
Regulators will review the purchase. Universal Health Service said it expects the deal to close during the fourth quarter of 2012.
Shares of Universal Health Services rose 64 cents to $37.94 in morning trading.