A Catholic, nonprofit healthcare provider reached an agreement on an acquisition that would dramatically expand its portfolio.

St. Louis, Missouri-based Ascension is acquiring AmSurg in a deal that would add 250 ambulatory surgery centers across 34 states to its portfolio, Ascension announced this week. It didn't disclose the price, but Bloomberg reported the deal is expected to total $3.9B.

“This acquisition is deeply aligned with Ascension’s Mission to provide compassionate, personalized care to all, especially those most in need,” Ascension CEO Joe Impicciche said in a statement.

The portfolio includes properties in New York, Los Angeles, Boston, Chicago, Miami, Philadelphia, Houston, Dallas-Forth Worth and Seattle.

Ascension today operates 58 outpatient centers, CoStar reported. The acquisition would increase its portfolio by 430% to roughly 310 locations.

AmSurg launched in 1992 and merged with KKR-backed Envision Healthcare Corp. in 2016, Fierce Healthcare reported. In 2023, the combined entity filed for bankruptcy, and AmSurg was spun off as a separate business.

During that bankruptcy restructuring, Envision creditors Pimco, King Street Capital and Partners Group provided a $1B capital infusion, and the Ascension deal now gives them a 90% return on a portion of the investment, Bloomberg reported.

Jefferies acted as the financial adviser for Ascension. Goldman Sachs and Ducera Partners represented AmSurg.