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Dialysis provider DaVita HealthCare Partners Inc. will acquire one of the largest independent physician associations, HealthCare Partners, for $4.4 billion in cash and stock, plus up to an additional $275 million in earn-out payments, under a definitive agreement announced May 21. DaVita, which manages more than 1,800 dialysis centers across the U.S. and 145,000 patients, will become a more fully integrated care company post-merger. IPAs like HealthCare Partners manage and operate large multi-specialty networks of doctors that allow for the network to manage some of the risk from third-party payers like Medicare. HealthCare Partners operates primarily in Southern California, Central Florida and Nevada, providing services to more than 667,000 patients with the help of 700 physicians. The firm had $2.4 billion in revenues in 2011, while DaVita reported $6.9 billion.

“We believe our combined enterprise will offer new ... levels of clinical quality, service and consumer/taxpayer savings,” DaVita CEO Kent Thiry said. One of the drivers behind the deal was...

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