A massive leveraged buyout deal for hospital operator HCA has fallen apart, The Wall Street Journal reported. The deal, which was in the final stages of negotiation, would have been among the largest in history, according to the report.
The company convened a special board committee to study the offer for a buyout by a group of private-equity firms, but its debt load of $11 billion made it difficult for lending banks and prospective buyers to offer a price that was high enough to satisfy the company.
The bidding consortium included Bain Capital, Kohlberg Kravis Roberts, Merrill Lynch Private Equity and the family of U.S. Senate Majority Leader Bill Frist, whose father and brother founded HCA.
Wednesday, July 19, 2006
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