Capella Healthcare, a Franklin, Tennessee-based operator of hospitals and acute care centers, will be sold to Medical Properties Trust, a Birmingham, Alabama-based real estate investment trust, for $900 million, the companies announced on Monday.
Once completed, the deal would be the second in 2015 where a REIT purchased a healthcare provider. In April, real estate company Ventas agreed to takeover Ardent Health Services, one of the country's largest providers, for $1.75 billion.
Capella is currently owned by GTCR, a private equity firm, which took over the chain in 2005.
"Medical Properties Trust, Inc. has agreed to provide the funding that will allow Capella continue to build upon our legacy of service excellence to our existing community hospitals and to provide attractive access to capital in support of our long-term growth plans," Capella CEO Michael A. Wiechart said in a statement.
Once the deal closes in the second half of 2015, Capella's hospital business will be managed and co-owned by MPT, while the REIT will take over sole ownership of Capella's other real estate properties.
Weichart will continue to run the hospital operations as CEO.
Capella runs hospitals and acute-care centers in Washington, Oregon, Oklahoma, Arkansas, Tennessee and South Carolina.