Highmark to Finalize Purchase of St. Vincent Health in Early 2013
Pittsburgh-based Highmark, a health insurer, plans to finalize its acquisition of Erie, Pa.-based St. Vincent Health System early in the first quarter of 2013, according to a Pittsburgh Tribune-Review report.
Highmark and St. Vincent reached a preliminary deal in October, under which Highmark would buy the system for roughly $65 million, according to the report. Both parties initially expected to complete a definitive agreement by Dec. 31.
The acquisition is one part of Highmark's strategy to develop a $1 billion health network to compete against UPMC, which owns UPMC Hamot in Erie. Highmark is also in the process of acquiring West Penn Allegheny Health System in Pittsburgh for $475 million.
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