Cravath Guides Universal Health In $517M Ascend Buy

Law360, New York (June 4, 2012, 2:05 PM EDT) -- Universal Health Services Inc. plans to pick up hospital manager Ascend Health Corp. for $517 million in an effort to expand its presence in the behavioral health care services sector, Universal Health announced Monday.

The cash-and-debt deal includes the assumption of $17 million in outstanding notes and gives Universal Health the country's largest private psychiatric hospital provider. Pending antitrust clearance and other regulatory approvals, the transaction is expected to close by the end of the year.

"We are thrilled to add Ascend's high-quality assets to our...
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