Ardent Health to acquire Boone Health for $47M cash
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Form Type
8-K
Rhea-AI Filing Summary
Ardent Health, Inc. agreed to acquire Boone Health, a not-for-profit health system based in Columbia, Missouri, for $47 million in cash. The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions. It includes Boone Hospital Center, a 392-bed hospital, Boone Health Medical Group, 19 care sites, related ancillary services and associated real estate.
The agreement includes a $200 million capital commitment over 10 years for equipment, renovations, facilities and services, physician recruitment and information systems. Emergency department expansion and operating room modernization are identified as near-term priorities. Ardent expects the transaction to be modestly accretive to Adjusted EBITDA in year one, with 6-8% accretion in year three and integration synergies expected to reach at least $30 million in year three. Boone Health had approximately $480 million in annual revenue for the year ended December 31, 2025.
The agreement also includes maintaining essential hospital services, continued employment for active employees, physicians and advanced practice providers in good standing, continuation of Boone Health’s existing charity care policy, and a local advisory board. Until closing, the organizations will operate separately, with no immediate changes to patient care, employee roles or day-to-day operations.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Purchase price: $47 million in cash
Boone Health annual revenue: Approximately $480 million
Capital commitment: $200 million over 10 years
+5 more
8 metrics
Purchase price
$47 million in cash
Agreed price for Boone Health
Boone Health annual revenue
Approximately $480 million
Year ended December 31, 2025
Capital commitment
$200 million over 10 years
Commitment under the acquisition agreement
Expected closing
First quarter of 2027
Subject to customary closing conditions
Year-three Adjusted EBITDA accretion
6-8%
Ardent's expected transaction impact in year three
Year-three integration synergies
At least $30 million
Expected to be reached in year three
Hospital beds
392 beds
Boone Hospital Center
Care sites
19 sites
Included in the acquisition
Key Terms
Adjusted EBITDA, accretion, integration synergies, customary closing conditions
4 terms
Adjusted EBITDA financial
"6-8% accretion in year three to Ardent’s Adjusted EBITDA"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
accretion financial
"modestly accretive to Adjusted EBITDA in year one"
Accretion is the gradual increase in the value of an asset or in a company’s per-share metrics that happens over time or after a transaction, such as when discounts are amortized or a deal boosts earnings per share. Investors watch accretion because it signals that their ownership or expected returns are growing rather than shrinking — like a savings account slowly earning interest or a recipe that yields a few extra servings — which can affect share price and investment decisions.
integration synergies financial
"expected to reach at least $30 million in year three"
customary closing conditions technical
"subject to customary closing conditions"
"Customary closing conditions" are standard rules or checks that must be met before a business deal can be finalized, like making sure all paperwork is in order or that certain approvals are obtained. They matter because they help protect both parties, ensuring everything is in place and reducing the risk of surprises or problems after the deal is closed.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much is ARDT paying to acquire Boone Health?
Ardent Health agreed to acquire Boone Health for $47 million in cash. The transaction includes Boone Hospital Center, a 392-bed hospital, Boone Health Medical Group, 19 care sites, related ancillary services and associated real estate.
When is ARDT's acquisition of Boone Health expected to close?
The acquisition is expected to close in the first quarter of 2027, subject to customary closing conditions. Ardent and Boone Health will continue to operate as separate organizations until closing, with no immediate changes to patient care, employee roles or day-to-day operations.
What capital investment is included in Ardent's Boone Health agreement?
The agreement includes a $200 million capital commitment over 10 years for equipment, facility renovations, new facilities and services, physician recruitment and information systems. Emergency department expansion and operating room modernization are identified as near-term priorities.
What financial impact does Ardent expect from the Boone Health acquisition?
Ardent expects the transaction to be modestly accretive to Adjusted EBITDA in year one, with 6-8% accretion in year three. Expected integration synergies are at least $30 million in year three.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 12, 2026
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
On November 12, 2026, Ardent Health, Inc. (the "Company") issued a press release announcing entry into a definitive agreement to acquire Boone Health, a not-for-profit health system based in Columbia, Missouri, for a purchase price of $47 million in cash. The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions. A copy of the press release is furnished as Exhibit 99 to this Current Report on Form 8-K and is incorporated by reference herein.
The information in this Current Report on Form 8-K furnished pursuant to Item 7.01, including Exhibit 99, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent specifically provided in any such filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits:
Exhibit No. | Exhibit Description | ||||
| 99 | Press Release issued on November 12, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 12, 2026 | ARDENT HEALTH, INC. | |||||||
By: | /s/ Stephen C. Petrovich | |||||||
Name: | Stephen C. Petrovich | |||||||
Title: | Executive Vice President & General Counsel | |||||||
EXHIBIT 99
Ardent Health announces definitive agreement to acquire Boone Health
•Expands Ardent’s footprint into an attractive mid-sized Missouri market with a scaled health system that generates ~$480 million of annual revenue1
•Provides $200 million capital commitment over 10 years to expand access, invest in facilities and technology, and recruit physicians to Mid-Missouri
•Transaction expected to deliver 6-8% accretion in year three to Ardent’s Adjusted EBITDA
•Ardent management to host conference call at 5 p.m. Eastern Time today, November 12, 2026, to discuss details of the transaction
BRENTWOOD, Tenn. and COLUMBIA, Mo. (November 12, 2026) – Ardent Health (NYSE: ARDT), a leading provider of healthcare in growing mid-sized urban communities across the U.S., today announced a definitive agreement to acquire Boone Health, a not-for-profit health system based in Columbia, Missouri, for a purchase price of $47 million in cash. The acquisition will include the 392-bed Boone Hospital Center, Boone Health Medical Group, 19 sites of care, related ancillary services and associated real estate. The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions.
Boone Health has served patients across Columbia and Mid-Missouri for more than 100 years and has operated as an independent system since 2021, building a strong reputation for clinical quality and patient care. In 2025, the Boone Health Board of Trustees and Board of Directors announced a search for a strategic partner that could provide additional capital and resources to support the system's continued growth. Ardent was selected after a comprehensive evaluation process led by an independent advisory firm.
"Boone Health has built an outstanding reputation for quality, nursing excellence, patient care and outcomes, and we are honored its Board of Trustees and Board of Directors selected Ardent as its partner for the future," said Dave Caspers, president and chief executive officer of Ardent Health. "This agreement advances our disciplined capital allocation strategy and provides a significant opportunity to expand patient access, strengthen specialty services and invest in care delivery. We are committed to investing in Boone Health’s facilities, technology and people so the organization can continue delivering high-quality healthcare to residents of Columbia and the 26 counties of Mid-Missouri for generations to come."
"Boone Health has been a cornerstone of care in Columbia and Mid-Missouri for more than a century," said Jerry Kennett, MD, chair of the Boone Health Board of Trustees. "In Ardent, we identified a partner that supports our mission, respects our culture and can accelerate our vision without compromising what makes Boone Health special. Following a thoughtful review, the Board is confident Ardent is the right long-term partner for Boone Health. This agreement protects what our community has built while giving Boone Health the resources it needs to grow."
1 For the year ended December 31, 2025
Key commitments under the agreement include:
•A $200 million capital commitment over 10 years to fund equipment, facility renovations, new facilities and services, physician recruitment and information systems, with emergency department expansion and operating room modernization among the near-term priorities.
•A commitment to maintain Boone Health's essential hospital services with a focus on strengthening its role as a regional referral center.
•Continued employment for all active Boone Health employees, physicians and advanced practice providers in good standing.
•Establishment of a local advisory board for Boone Hospital Center, ensuring Columbia and Mid-Missouri stakeholders have an ongoing role in the hospital's operations.
•Continuation of Boone Hospital’s existing charity care policy.
Together, these commitments are designed to help Boone Health build on its strong foundation while positioning the system for its next chapter of growth. They also reflect Ardent’s strong history of investing in the communities it serves. Beyond capital, Ardent brings systemwide quality and safety programs, technology and IT infrastructure, physician recruiting support, and operating expertise that can help Boone Health strengthen specialty services, expand access and support local care teams. Since 2003, Ardent has invested over $2 billion in its hospitals and health systems to strengthen care and improve outcomes. Ardent facilities consistently achieve high performance across clinical and safety measures, exceeding national benchmarks on key quality indicators including sepsis care, hospital-acquired infections and serious safety events.
"Ardent's track record of investing in community-based health systems, maintaining strong quality and expanding access aligned with our long-term vision for this organization," said Brady Dubois, chief executive officer of Boone Health. "This partnership will allow us to build on our strengths, invest in new services and continue delivering the high-quality care our community has come to expect from Boone Health."
Compelling Strategic Rationale
The transaction aligns with Ardent’s disciplined growth strategy while also creating opportunities to strengthen Boone Health’s role in the region, expand access to care and support long-term value creation.
•Expands Ardent’s reach in growing mid-sized markets, establishing a presence in Missouri and strengthening its footprint across the South and Midwest. Boone Health’s 26-county service area and the region’s growing population provide a strong foundation for continued growth and expansion.
•Advances Ardent’s strategy of partnering with respected, high-performing health systems. Boone Health brings strong clinical quality and an established regional referral network.
•Maintains strong mission and cultural fit, grounded in a shared commitment to high-quality patient care, community investment and expanding access, provides a strong foundation for a successful partnership.
•Provides greater revenue diversification and enhanced scale.
•Provides multiple opportunities to leverage Ardent’s scale, platform and operational excellence to generate integration synergies, which are expected to reach at least $30 million in year three.
•Expected to be modestly accretive to Adjusted EBITDA in year one, increasing to 6-8% accretion in year three.
Ardent and Boone Health will continue to operate as separate organizations until the transaction closes, with no immediate changes to patient care, employee roles or day-to-day operations.
Conference Call and Webcast
Ardent Health will host a conference call to discuss the acquisition on November 12, 2026, at 5 p.m. Eastern Time. A webcast of the conference call will be available in the Investor Relations section of the Ardent website at ir.ardenthealth.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
An investor presentation of the transaction can also be accessed via Ardent’s website referenced above.
To participate in the live teleconference:
United States Live: 1-833-461-5787
International Live: 1-585-542-9983
Access Code: 568 077 191
To listen to a replay of the teleconference, which will be available through November 26, 2026:
United States Replay: 1-833-309-1852
International Replay: 1-929-828-5978
Access Code: 568 077 191
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About Ardent Health
Ardent Health (NYSE: ARDT) is a leading provider of healthcare in growing mid-sized urban communities across the U.S. The Company delivers care through its subsidiaries, which include 30 acute care hospitals and more than 280 sites of care with over 2,000 employed and affiliated providers across six states. Anchored by a shared operating model and a commitment to investing in innovative services and technologies that improve quality, access and experience, Ardent is focused on delivering strong clinical outcomes and improving the health of the patients and communities it serves.
About Boone Health
Boone Health is a locally governed, not-for-profit health system based in Columbia, Missouri, serving patients across 26 Mid-Missouri counties. It is anchored by Boone Hospital Center, a 392-bed regional referral hospital, along with physician clinics, outpatient services and other care sites. With strengths in cardiology, neurology, oncology, orthopedics, surgical and obstetrical services, Boone Health employs more than 2,000 staff and 350 physicians on its medical staff. Boone Hospital has consistently been ranked by outside organizations as the top hospital in the region for patient quality and outcomes, and one of the top hospitals in the state recommended by patients. Boone Health has been ranked as the top Mid-Missouri employer. These rankings come from many organizations including Forbes, Becker’s and U.S. News & World Report.
Forward-Looking Statements
This press release contains certain "forward-looking statements," as that term is defined in the U.S. federal securities laws. These forward-looking statements include, but are not limited to, statements other than statements of historical facts, including, among others, statements relating to the pending acquisition of Boone Health, our future financial performance, our business prospects and strategy, anticipated financial position, liquidity and capital needs, the industry in which we operate and other similar matters. Words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "could," "would," "will," "may," "can," "continue," "potential," "should" and the negative of these terms or other comparable
terminology often identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements.
Factors, risks, and uncertainties that could cause actual outcomes and results to be materially different from those contemplated include, among others: (i) the risk that the potential transaction may not be completed in a timely manner or at all, including the risk that required regulatory and other approvals and consents are not obtained, are delayed, or are obtained subject to conditions that are not anticipated; (ii) the failure to satisfy other closing conditions to the transaction; (iii) uncertainty as to the timing of completion of the acquisition; (iv) the occurrence of any event, change or other circumstances that could give rise to the termination of the purchase agreement; (v) the inability to integrate and/or realize the benefits of the acquisition, including expected synergies; (vi) the ability of the Company to execute on its strategy and achieve its goals and other expectations after completion of the acquisition; (vii) the potential adverse effect of the announcement or pendency of the acquisition on the market price of, or trading in, the Company’s securities and on the Company's business relationships, operating results, and business generally; (viii) risks related to diverting management's attention from the Company's ongoing business operations; (ix) the risk that the proposed acquisition may involve unexpected costs, liabilities or delays; and (x) potential litigation relating to the transaction that could be instituted against the Company or its affiliates, officers, or directors, and the effects of any outcomes related thereto.
Investor contact: | Media contacts: | |||||||
Dave Styblo, CFA | Rebecca Kirkham | |||||||
investor.relations@ardenthealth.com | Ardent Health | |||||||
(615) 296-3016 | rebecca.kirkham@ardenthealth.com | |||||||
(615) 296-3000 | ||||||||
Christian Basi | ||||||||
Boone Health | ||||||||
christian.basi@boone.health | ||||||||
(573) 815-3514 | ||||||||