MedCath sells Coastal Carolina Heart for $5M
Published: May 6, 2011
Time posted: 11:22 am
Tags: Coastal Carolina Heart, DLP Healthcare, MedCath Corp., MedCath Partners, New Hanover Regional Medical Center
MedCath Corp. today said it has completed the $5 million sale of its ownership interest and management agreement in Coastal Carolina Heart to New Hanover Regional Medical Center in Wilmington.
CCH, part of the company’s MedCath Partners division, provides catheterization laboratory management services to New Hanover.
MedCath had a 9.2 percent ownership interest in CCH. MedCath said it will receive, over the next several months, its pro rata share of additional funds from the liquidation of the venture’s working capital.
MedCath expects to make $4 million from the deal, after closing costs and taxes.
Today’s sale comes after MedCath announced Thursday that it sold the majority of the assets of its MedCath Partners division to DLP Healthcare for $25 million. MedCath expects to get about $16 million from that deal.
Charlotte-based MedCath operates, and owns an interest in, six hospitals with a total of 533 licensed beds in Arizona, Arkansas, California, Louisiana, New Mexico and Texas.