The firm is representing a group of private equity firms and founders led by affiliates of Bain Capital LLC, Kohlberg Kravis Roberts & Co., Merrill Lynch Global Private Equity and Dr. Thomas F. Frist, Jr., in their $33 billion acquisition of HCA Inc, the largest for-profit hospital operator in the U.S. Under terms of the deal, which includes the assumption of $11.8 billion of debt, HCA stockholders will get $51 in cash for each share of HCA stock they hold. The deal is expected to close in the fourth quarter of this year.
This is the largest LBO in history, topping KKR's $31 billion acquisition of RJR Nabisco in 1989, on which Simpson Thacher also advised. The STB team includes David Sorkin, Doug Bacon, Chris May, Anthony King, Nomaan Raja and Keri Richardson (M&A); James Cross, Matt O'Shea (Credit); Ed Tolley (Securities); Steve Todrys and Nancy Mehlman (Tax); Carl Berry (Exec. Comp.); Krista McManus (Real Estate); Pete Kazanoff and Sung Choi (Litigation); Summer Associates Justin Benford, Amie Broder, Julia Kohen and James Thompson and paralegal Scott Hopson.