UnitedHealthCare announced last month that it had completed its acquisition of the Cleveland Clinic and will now sell the Medicare-managed outpatient facility for $25 billion to a private equity group led by billionaire businessman Bernie Marcus.
Marcus’ company, Cerberus Capital, is expected to receive a $7.4 billion payment, according to an article in The Wall Street Journal.
UnitedHealth also has been buying up large hospitals and medical centers, as well as nursing homes and health care facilities.
The $5.7 billion deal is a massive investment in healthcare in the United States.
It is the largest deal to date in healthcare, according the Centers for Medicare and Medicaid Services, and could create an estimated $1 trillion in annual revenue for the federal government.
UnitedHealth is one of the nation’s largest healthcare companies, with more than 30 million employees and $50 billion in revenue.
Its goal is to improve the quality of life for people living with chronic illnesses.
The purchase of Cleveland Clinic is not the first major acquisition to happen at UnitedHealth.
In January, UnitedHealth announced it had bought two hospitals in Louisiana and North Carolina.
The companies also plan to buy two other facilities.
United is expected not to disclose the value of the deal, but a Reuters report said it was expected to be in the $25 to $30 billion range.