The Illinois Health Facilities and Services Review Board received Loyola’s application for a certificate of exemption to purchase the hospital Jan. 10.
Under the sale agreement, Loyola will acquire the hospital and “certain other affiliated entities” in a $270 million all-cash payment to Dallas-based Tenet Healthcare.
Loyola entered into a definitive agreement with Tenet to acquire the hospital in October. Officials expect to close on the transaction March 1, subject to review by the IHFSRB.
Industry experts speculate the proposed deal may signal the beginning of Tenet’s exit from the Chicago-area market. The Chicago Tribune previously reported the 77-hospital system is in discussions to sell three of its other hospitals in the Chicagoland area.
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