CHICAGO, Feb. 1, 2018 /PRNewswire/ — International law firm McDermott Will & Emery has been named “Health Group of the Year” by Law360. This is the second time McDermott has been selected in this category and it follows a year of health-related accolades including:
Global head of McDermott’s Health Practice Group, Stephen Bernstein, attributed these achievements to the group’s ability to bring deep regulatory, transactional and practical experience to projects of any size. “These recognitions are a testament to the collaboration and dedication of every member of our team and, our colleagues across the firm- to consistently deliver superior service and exceptional results to our vast array of clients in the Health sector,” he said.
Throughout the past year, 70-plus McDermott lawyers spanning practices and offices came together to help Steward Health Care System LLC, a private equity-backed health care system operator, close more than $3.5 billion in deals thereby extending its model of coordinated, cost-effective care nation-wide. The first deal was in a $1.25 billion transaction with Medical Properties Trust, Inc., (MPT) in which MPT acquired real estate interests in nine acute care hospitals and numerous ancillary owned and leased properties under a complex tax-driven master lease and mortgage loan structure, together with a minority equity interest in Steward.
Following this deal, in March 2017, Steward acquired eight hospitals in Florida, Ohio and Pennsylvania from Community Health Systems in a deal valued at about $301 million. Then, in September, Steward merged with IASIS Healthcare LLC in a $2 billion transaction. Both deals were done in partnership with MPT. Little more than a year ago, Steward was a Massachusetts health care system. Today, Steward is a national health care system that includes 36 hospitals in 10 states, 37,000 employees, 1,400 employed physicians, 4,700 integrated network physicians and has projected revenues of $8 billion in 2018. McDermott Partner, Chris Jedrey said of the transactions, “I suspect that these deals are going to be a model for other health services companies, because the partnership with MPT gave Steward the resources to grow very quickly.”
The McDermott health team also was recognized for its work with Ares Capital Management LLP in its partnership with DuPage Medical Group, which has more than 1,000 providers and many locations throughout the Chicago area. With an enterprise value of $1.45B, the transaction was one of the largest physician practice management transactions in recent