Mental health clinic operator Psychiatric Solutions announced on Monday that it would be acquired by Universal Health Services for nearly $2 billion in cash, plus the assumption of $1.1 billion in debt.

Cravath, Swaine & Moore advised UHS on the deal. King of Prussia, Pa.-based UHS, one of the largest for-profit hospital operators in the country with facilities in 30 states, beat out private equity firm Bain Capital for the acquisition.