Medical Company Makes a Big Announcement

Woodland Heights Medical Center in Lufkin is going private. Woodland Heights is owned by Triad Hospitals, Inc. The company has entered into a merger agreement with CCMP Capital Advisors and GS Capital Partners.

Under the agreement, affiliates of the two companies will acquire all outstanding shares of Triad stock for more than $50 per share in cash. The deal is good news for Woodland Heights, but patients won't see any changes to the quality of care they receive at the hospital.

Hospital C.E.O. Lance Jones said, "It means that the groups that have chosen to align themselves with the corporation truly believe in our company's strategic and long term vision. We'll continue our current focus and certainly our plan to continue serving Lufkin stronger than we ever have before."

The transaction is valued at more than $6 billion. That includes about $1.7 billion of debt.