A hospital company backed by private equity giant Cerberus plans to buy Iasis Healthcare’s operations and create a top-five for-profit player with 36 hospitals in 10 states and annual revenues of almost $8 billion.

Terms of Steward Health Care’s planned purchase of Franklin-based Iasis aren’t being disclosed. But using Steward’s recently completed $304 million acquisition of eight hospitals from fellow local Community Health Systems as a benchmark, the Iasis transaction would be worth about $620 million. The deal is expected to close during the third quarter and also calls for Medical Properties Trust to buy almost all of Iasis’ hospital real estate for $1.4 billion and then lease the properties to Steward.