KING OF PRUSSIA, Pa., Nov. 30, 2011 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that it has entered into a definitive agreement to acquire certain assets of Knapp Medical Center ("KMC") located in Weslaco, Texas including a 226- bed acute-care hospital, the Knapp Surgery Center, Mid Valley Physician Association (PHO), Knapp Medical Group, a physician group practice structured as 501-a, and various other real estate assets.
Weslaco is located in Hildago County, Texas which is approximately 20 miles east of McAllen and Edinburg where we currently operate four acute care hospitals, one behavioral health hospital and an ambulatory center. KMC is strategically located in the growing Mid Valley region of South Texas with projected population growth of 9% over the next 5 years. Alan B. Miller, Chief Executive Officer and Chairman of the Board of Universal Health Services, Inc. said, "We are thrilled to have been chosen to continue Knapp Medical Center's tradition of providing high quality healthcare in this very important market. Knapp Medical Center is an ideal strategic fit for UHS and I am proud to welcome them to the UHS family."
KMC currently generates annual revenue of approximately $140 million. This transaction, which is subject to normal regulatory approvals, is expected to be completed in the first quarter of 2012.
Universal Health Services, Inc. is one of the nation's largest hospital companies, operating, through its subsidiaries, acute care hospitals, behavioral health facilities, and ambulatory centers throughout the United States, Puerto Rico and the U.S. Virgin Islands.
Certain statements in this release may constitute forward-looking statements and are subject to various risks and uncertainties as discussed in the Company's filing with the Securities and Exchange Commission. The Company is not obligated to update these forward-looking statements even if the Company's assessment of these risks and uncertainties changes.
For additional information on the Company, visit our website; http://www.uhsinc.com.
SOURCE Universal Health Services, Inc.