Ardent Health to Buy Boone Health in $47 Million Cash Deal

The Tip Desk · November 12, 2026 · 3 min read

The healthcare operator will commit $200 million over 10 years to expand Mid-Missouri access and expects 6-8% Adjusted EBITDA accretion by year three.

Ardent Health (ARDT), a provider of healthcare in growing mid-sized urban communities, agreed to acquire Boone Health, a not-for-profit system based in Columbia, Missouri, for $47 million in cash.

The purchase includes the 392-bed Boone Hospital Center, Boone Health Medical Group, 19 sites of care, related ancillary services and associated real estate. Closing is expected in the first quarter of 2027, subject to customary conditions.

Boone Health has served Columbia and Mid-Missouri for more than 100 years and has operated as an independent system since 2021. In 2025, its board of trustees and board of directors announced a search for a strategic partner that could provide additional capital and resources. Ardent was selected after a comprehensive evaluation led by an independent advisory firm.

The system generated about $480 million of annual revenue for the year ended December 31, 2025, and serves 26 Mid-Missouri counties. It employs more than 2,000 staff and 350 physicians on its medical staff, with strengths in cardiology, neurology, oncology, orthopedics, surgical and obstetrical services.

Ardent said the deal expands its footprint into an attractive mid-sized Missouri market and strengthens its presence across the South and Midwest. Integration synergies are expected to reach at least $30 million in year three. The transaction is expected to be modestly accretive to Adjusted EBITDA in year one, increasing to 6-8% accretion in year three.

“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.”

Key commitments 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 near-term priorities. Ardent also committed to maintain Boone Health’s essential hospital services, continued employment for all active employees, physicians and advanced practice providers in good standing, a local advisory board for Boone Hospital Center, and continuation of the hospital’s existing charity care policy.

Since 2003, Ardent has invested more than $2 billion in its hospitals and health systems. The company operates 30 acute care hospitals and more than 280 sites of care with over 2,000 employed and affiliated providers across six states.

“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.”

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.