St. David's Healthcare to acquire Texas-based multi-hospital regional healthcare system

St. David's HealthCare and MedCath Corporation today announced an agreement for St. David's HealthCare to acquire the Heart Hospital of Austin. St. David's HealthCare is a multi-hospital regional healthcare system based in Austin, Texas. MedCath, the current manager and majority owner of the Heart Hospital of Austin, is based in Charlotte, North Carolina.

"This facility acquisition will complement the already exceptional cardiovascular programs currently operating throughout St. David's HealthCare," said Jon M. Foster, president and chief executive officer of St. David's HealthCare. "One of the clinical areas St. David's HealthCare has continued to develop regionally is our cardiovascular service, which is strong thanks to the outstanding care provided by our St. David's HealthCare-affiliated physicians and staff."

The acquisition is expected to be finalized upon completion of the normal regulatory approval process.

"The Heart Hospital of Austin has helped distinguish MedCath, epitomizing our model of providing high-quality care in an efficient manner," said O. Edwin French, MedCath's president and chief executive officer. "We're proud of our legacy there, and we wish the new owners much success."

"The Heart Hospital of Austin has received the No. 1-ranking in Texas for cardiovascular services for six consecutive years from HealthGrades, a leading independent health ratings organization," David Laird, president and chief executive officer of the Heart Hospital of Austin, said. "Joining St. David's HealthCare allows us to enhance the high-quality care that we have provided our patients for years, further benefitting the community in Austin."