MedCath (MDTH) Sells Sun City Cardiac Center Associates to Banner Health
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MedCath Corporation (Nasdaq: MDTH) announced the sale of Sun City Cardiac Center Associates, a partnership owned 60% by MedCath Partners, LLC and 40% by certain physician and other investors, to Banner Health, an Arizona nonprofit health system. Sun City has provided cardiac catheterization services to Banner Health's Boswell Hospital and its predecessor owner in Sun City, Arizona since 1992.
The transaction, which was structured as an asset sale, valued Sun City at $16.9 million, excluding approximately $0.9 million in working capital retained by the selling partnership. In addition to its portion of the sale proceeds, MedCath will lease certain equipment to Banner Health for approximately $0.3 million annually for three years.
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