Deal to Acquire HCA Could Be Unveiled Today

HCA Inc. is expected to be acquired by an investor group for about $21 billion in one of the largest leveraged buyouts in history, sources familiar with the situation said.

The buyout group includes HCA management, the chain’s founding family, the Frists, and Bain Capital, Kohlberg Kravis Roberts & Co. and Merrill Lynch & Co., said the sources, who declined to be identified.

The deal would rank behind the buyout of RJR Nabisco in 1988 for more than $29 billion.

HCA would be acquired for about $21 billion, or $51 a share, sources said. That marks a 6.6% premium over its closing stock price of $47.87 on Friday.

Merrill, Bank of America, Deutsche Bank and J.P. Morgan are providing the financing for the deal, sources said.

The deal is expected to be announced today. HCA had been close to a deal before, but talks broke down over the price tag and concerns about the company’s debt load, the Wall Street Journal reported last week.

HCA, Bank of America, Deutsche Bank and J.P. Morgan could not be immediately reached for comment. Bain, KKR and Merrill declined to comment.