Shares of Astrana Health Inc. (ASTH) plummeted by 5.08% on Thursday, November 8, 2024, following the announcement of a binding agreement to acquire the managed care platform of Prospect Medical Holdings from Medical Properties Trust (MPW) for around $745 million.
The deal, which is subject to regulatory approval and expected to close in mid-2025, will significantly expand Astrana Health's provider network and enhance its ability to offer increased access and quality of care for its members, according to Brandon K. Sim, President and CEO of Astrana.
To fund the acquisition, Astrana plans to use a combination of cash on hand and a $1.09 billion 364-day senior secured bridge commitment provided by Truist Bank and J.P. Morgan. While the acquisition could be beneficial for Astrana Health's long-term growth, the need to raise a substantial amount of debt to finance the deal may have concerned investors in the short term, contributing to the stock's decline.
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