Hospital operator HCA Holdings is repurchasing its shares from Bank of America Corp. (BofA) for $1.5 billion, The Wall Street Journal reports. The healthcare company is buying back about 80.8 million shares from BofA affiliates at a closing price of $18.61 per share. The move will reduce shares outstanding by nearly 15.6 percent.
The deal is likely to be completed on September 21, adds Bloomberg. Additionally, three of the HCA board members that were designated by BofA will leave. Merrill Lynch & Co., the securities firm bought by BofA in 2009, made the private equity investment in HCA for approximately $1 billion in 2006.