Universal Health Services, one of the largest for-profit hospital operators in the United States, has purchased the Foundations Recovery Network for $350 million, adding a stable of addiction facilities to its portfolio.
According to the company, the deal brings 322 beds through four residential treatment centers and eight outpatient centers.
The company plans to add 140 beds to the network in the near future.
The deal has been approved by the Federal Trade Commission.
Foundations focuses on treating adults who suffer both from drug addiction and mental health disorders. It will serve as the substance abuse treatment division of Universal.
"We were attracted to their proven track record of providing high quality treatment and reputation for excellence in this very attractive market segment," Universal CEO Alan Miller said in the announcement. "They bring expertise as a published authority on integrated treatment and also have excellent clinical programs and customer relationships."
The deal is expected to close in a few weeks.