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28 Transactions & Joint Ventures 4 New Joint Venture ASCs By Brandon Howard Here are four new joint venture ASCs announced in the past month: 1. 105 Rock Beach Realty and Mark Gelwan, MD, with nine other physicians, went before a community board to discuss plans of open- ing an ASC on Rockaway Beach Boulevard, which is set to open in 2016. 2. SurgCenter Development and a group of physicians are building a new joint venture surgery center in Athens, Ohio, according to a report from The Athens News. 3. Physicians Endoscopy has formed a new joint venture with Gar- den State Endoscopy Center in Kenilworth, N.J. 4. Metro Health, based in Grand Rapids, Mich., is planning a joint venture with Community Health Systems, based in Franklin, Tenn. n 4 Recent ASC Acquisitions & Partnerships By Anuja Vaidya Here are four recent ambulatory surgery center and surgical hospital ac- quisitions. Nobilis Health agreed to acquire Victory Healthcare Plano (Texas) Hospital. Surgical Institute of Reading partnered with United Surgical Partners In- ternational and its affiliate Reading Surgery Center. The boards of New Jersey-based Meridian Health and Hackensack Univer- sity Health Network have signed the agreement to merge the two systems and become Hackensack Meridian Health — which will include a network of physician practices, ASCs as well as home care, long-term care and as- sisted living facilities, among other facilities. TriState Centers for Sight purchased MidWest EyeCenter. n USPI Partners With Surgical Institute of Reading — 7 Key Notes By Laura Dyrda Surgical Institute of Reading partnered with United Surgical Partners In- ternational and its affiliate Reading Surgery Center. Here are five things to know: 1. Brown Gibbons Lang & Company served as the exclusive financial advi- sor to Surgical Institute of Reading in the transaction. 2. SIR is a physician-owned provider of inpatient and outpatient services in Reading, Pa. 3. The facility was opened in 2008 and includes orthopedics, ENT, gastro- enterology, plastic and reconstructive surgery and general surgery. 4. SIR completed more than 4,500 surgical cases in the most recent fiscal year and has quality metrics consistently above the 90th percentile nationally. 5. The terms of the agreement were not disclosed. 6. McGuireWoods and Jones Day were legal counsel to USPI. McDermott Will & Emery was legal counsel to SIR. The Healthcare Group was legal counsel and financial advisor to Reading Surgery Center. Reading Surgery Center is a three-operating room outpatient facility that sees 7,800 procedures annually in multiple specialties. It is a physician- owned center affiliated with USPI. USPI currently owns and operates more than 200 short-stay facilities and serves more than 9,000 physicians each year. The company has strategic joint venture partnerships with more than 4,000 physicians and 50 health systems nationwide. n Tenet Completes USPI, Aspen Healthcare Transactions By Ayla Ellison Dallas-based Tenet Healthcare has completed two major transactions, including its previously announced deal that will combine its ambula- tory and imaging centers with those of United Surgical Partners Inter- national, which is owned by Welsh, Carson, Anderson & Stowe. Through the USPI joint venture, Tenet will become the largest op- erator of ambulatory surgery and imaging centers in the nation. "This joint venture significantly expands our ability to benefit from the growing demand for convenient, cost-efficient outpatient care and enhances our growth and earnings potential," said Trevor Fetter, Tenet's chairman and CEO. Under the agreement, Tenet will initially own 50.1 percent of the joint venture, and a pre-determined put-call structure provides a path to full ownership of USPI over the next five years. With the deal completed, leadership at USPI will remain largely the same. Bill Wilcox will continue to serve as USPI's CEO, and Brett Brodnax, president and chief development officer at USPI, will lead the company's strategy and growth efforts. Kyle Burtnett, senior vice president for outpatient services at Tenet, will join USPI as president of ambulatory services and take on the additional role of chief inte- gration officer for the new venture. Tenet also completed its acquisition of U.K. hospital operator Aspen Healthcare. Tenet acquired Aspen from Welsh Carson for approxi- mately $214 million. Aspen has nine private hospitals and clinics in its network. The deal gives Tenet "a foothold in the attractive market for private healthcare services in the U.K.," according to a news release. n