The two organizations reached a preliminary deal in October. With the definitive agreement signed, Prospect and Crozer-Keystone will submit the deal for regulatory approval.
Under the agreement, Crozer-Keystone hospitals, its physician network and other facilities will become part of the Prospect network. Prospect has committed to keeping all five Crozer-Keystone hospitals open and will make capital investments in the health system totaling at least $200 million over the next five years.
Prospect will also assume Crozer-Keystone’s outstanding pension liability and offer employment to all Crozer-Keystone employees and management, subject to customary to pre-employment screenings.
Under the deal, Crozer-Keystone will change from a nonprofit entity to a for-profit organization.
More articles on healthcare industry transactions:
Trinity Health expands network in Connecticut
LifePoint completes purchase of financially troubled Georgia hospital
Tenet completes joint venture with Baylor Scott & White to own 5 Texas hospitals
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