Patrick Soon-Shiong's $135 Million Acquisition of St. Vincent Medical Center
April 23, 2020 Ambrogio Visconti
Jones Day advised Patrick Soon-Shiong IC, LLC, Patrick Soon-Shiong IC 2, LLC and Patrick Soon-Shiong IC 3, LLC in the acquisition.
Patrick Soon-Shiong, MD, the billionaire owner of the Los Angeles Times, has purchased a Los Angeles hospital out of bankruptcy for $135 million.
Dr. Soon-Shiong acquired St. Vincent Medical Center in Los Angeles from El Segundo, Calif.-based Verity Health. Verity filed for Chapter 11 bankruptcy in 2018 and closed St. Vincent Medical Center in January.
Under the purchase agreement, Dr. Soon-Shiong will take over the state of California's lease obligations at St. Vincent. In March, the state used emergency COVID-19 funding to lease St. Vincent. The state reopened the facility, now called the Los Angeles Surge Hospital, through a partnership with Los Angeles County, Oakland, Calif.-based Kaiser Permanente and San Francisco-based Dignity Health.
Dr. Soon-Shiong will use other buildings on the St. Vincent campus to conduct COVID-19 research.
The Jones Day team was led by Bruce Bennett (Picture).
Involved fees earner: Bruce Bennett – Jones Day;
Law Firms: Jones Day;
Clients: Patrick Soon-Shiong IC, LLC;
Author: Ambrogio Visconti
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