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MedCath sells South Dakota hospital for $20M

Mon, 08/30/2010 - 4:45am
The Associated Press

MedCath will sell its stake in Avera Heart Hospital of South Dakota to Avera McKennan for $20 million, the healthcare provider said Monday.

MedCath owns one-third of the hospital and management rights.

After the sale, Avera McKennan will own two-thirds of Avera Heart. Avera McKennan is a member of Avera Health, a regional health care family of more than 235 facilities in South Dakota, North Dakota, Minnesota, Iowa and Nebraska.

The deal is expected to close in 45 to 90 days.

The transaction marks MedCath's second deal since announcing it might sell the company or some of its assets. Earlier this month, MedCath said it was selling Arizona Heart Hospital.

Shares of MedCath Corp. closed up 10 cents Friday, or 1.3 percent, at $7.61.

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