Ascension Health forms joint venture with Oak Hill

The private equity firm: Oak Hill Capital Partners

The hospital: Ascension Health

The price: $500 million

The scoop: Announced in February, this could be interpreted as a response to the Steward deal. St. Louis-based Ascension Health teamed up with Menlo Park, Calif.-based Oak Hill Capital Partners with the specific intent of acquiring Catholic hospitals. A sum of $500 million was staked to move forward.

"This agreement with Oak Hill Capital will provide an innovative solution for those hospitals to move forward with the resources and expertise they need to survive and thrive," said Ascension CEO Anthony R. Tersigni. "In addition, they'll be able to maintain their Catholic identity."

Ascension is no stranger to private equity capital: It formed Ascension Health Ventures (AHV) a decade ago to focus on developing medical technology. But AHV manages $325 million capital. Oak Hill has $8.2 billion at hand.

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