Passing one of its final bureaucratic hurdles in a year-and-a-half pursuit, the deal for New London, Conn.-based Lawrence + Memorial Hospital to acquire The Westerly (R.I.) Hospital has earned the Rhode Island attorney general's approval, according to a report by The Day.
L+M agreed to acquire the 125-bed Westerly Hospital for $69 million, including the assumption of $22 million in debt. Conditions of the agreement require L+M to submit plans to improve primary care in the Westerly area and publish an annual report on pediatric patients referred out from Westerly's emergency department.
The deal is expected to officially close in six weeks, according to the report.
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L+M agreed to acquire the 125-bed Westerly Hospital for $69 million, including the assumption of $22 million in debt. Conditions of the agreement require L+M to submit plans to improve primary care in the Westerly area and publish an annual report on pediatric patients referred out from Westerly's emergency department.
The deal is expected to officially close in six weeks, according to the report.
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