BRENTWOOD, Tenn. & COLUMBIA, Mo., Nov 13 — 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.”
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
