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Apollo Medical buys 50% stake in Los Angeles hospital for $17M

Apollo Medical Holdings Inc. bought a 50% stake in the 128-bed French Hospital in Los Angeles for $17 million.

Apollo Medical made the acquisition through its affiliates Network Medical Management and Allied Pacific of California. Its partner in the acquisition is AHMC Healthcare Inc., which operates seven hospitals in Los Angeles County and Orange County.

Apollo Medical and AHMC acquired the hospital from the non-profit, Societe Francaise De Bienfaisance Mutuelle De Los Angeles, for a total of $33 million.

The 2.5-acre, 90,000-square foot facility is the oldest hospital in Los Angeles and was set up in 1860 during a smallpox scare to serve the French community. It closed down in November 2017 after its operators decided against renewing the lease with the French society as the state law required the facility to be earthquake safe, which would have cost about $100 million, Apollo Medical said in the news release.

Alhambra, Calif.-based Apollo Medical and AHMC plan to convert the facility into an integrated care center.

The care center will include a 24-hour urgent care center, multispecialty clinics, imaging center, diagnostic lab, pharmacy, behavioral care center, infusion center and telemedicine services.