Pennsylvania-based Universal Health Services, Inc. acquires Psychiatric Solutions (PSI) in a deal that includes $2 billion to purchase PSI at $33.75 a share and $1.1 billion to assume its debts.

With the purchase, Universal Health Services becomes a $7 billion company and the country’s largest owner of freestanding inpatient psychiatric facilities. As its subsidiary, today PSI operates psychiatric hospitals in 32 states.

Having taken less than a decade to build PSI, Joey Jacobs re-enters the behavioral health sphere as the CEO of Acadia Healthcare in March 2011. He moves the company from Atlanta to Franklin.