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ARTICLE · 27 SEPTEMBER 2023

FTC Sues Private Equity Firm And Anesthesiology Practice For Antitrust Violations

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On September 21, 2023, the Federal Trade Commission (FTC) sued Welsh, Carson, Anderson & Stowe (WCAS) and U.S. Anesthesia Partners, Inc. (USAP), in the Southern District of Texas...

United StatesAntitrust/Competition Law
John Carroll
John Carroll
Leo Caseria
Leo Caseria
Bevin M.B. Newman
Bevin M.B. Newman
Ann O'Brien
Ann O'Brien
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On September 21, 2023, the Federal Trade Commission (FTC) sued Welsh, Carson, Anderson & Stowe (WCAS) and U.S. Anesthesia Partners, Inc. (USAP), in the Southern District of Texas, alleging the two companies "[e]xecuted a multi-year anticompetitive scheme to consolidate anesthesiology practices in Texas, drive up the price of anesthesia services provided to Texas patients, and boost their own profits."

According to the FTC's complaint, WCAS founded USAP in 2012 to execute a strategy to consolidate hospital-based anesthesiology services in Texas, including by acquiring large anesthesiology practices, entering into price-setting agreements with independent practices, and agreeing with a competitor to stay out of a USAP territory. Although WCAS owns less than 25% of USAP today, the FTC has sued the private equity investor and alleged that the investor played an instrumental role in developing USAP's horizontal acquisition strategy, particularly with respect to mergers

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