Welsh, Carson, Anderson & Stowe has entered into a definitive agreement to sell portfolio company Ardent Medical Services to Ventas (NYSE: VTR) for $1.75 billion in cash. Concurrent with the deal, Ardent will be entitled to distribute up to $75 million in excess cash to its existing shareholders. Through its subsidiaries, Ardent owns and operates acute care health systems, including 14 hospitals and three multi-specialty physician groups. The company generates approximately $2 billion in annual revenues. UBS and Barclays are acting as financial advisors in connection with the transaction, which is expected to close by mid-year.