REPUBLIC HEALTH SIGNS LETTER OF INTENT TO PURCHASE SAFECARE HEALTH SERVICES
REPUBLIC HEALTH SIGNS LETTER OF INTENT TO PURCHASE
SAFECARE HEALTH SERVICES
DALLAS, Feb. 13 /PRNewswire/ -- Republic Health Corporation (NASDAQ: REPH) announced today that it has signed a letter of intent to purchase SAFECARE Health Services, Inc., a wholly owned subsidiary of SAFECO Properties, Inc., based in Seattle, for $125 million in cash. SAFECARE owns and operates five acute care hospitals and two psychiatric hospitals in Mississippi, Missouri, Texas and Wyoming.
The acquisition of SAFECARE Health Services, Inc. is subject to the execution of a definitive agreement and other conditions.
Republic Health owns and operates 11 acute care hospitals with 2,543 licensed beds, three surgery centers and a physician group practice. Republic Health's revenues for fiscal 1991 were $467 million. SAFECARE's net revenues for fiscal 1991 were $127 million.
/CONTACT: Helen Hardin of Republic Health, 214-851-3151; Eddie L. Hendrikson, executive vice president of SAFECO Properties, 206-223-4570; or Peter Rosenthal of Howard J. Rubenstein Associates, 212-489-6900, for Republic Health/
(REPH) CO: Republic Health Corporation; SAFECARE Health Services, Inc. ST: Texas, Washington IN: HEA SU: TNM CK-SH -- NY066 -- 9798 02/13/92 13:54 EST