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California approves St. Joseph-Providence merger, but with conditions

The California Attorney General's Office conditionally approved a merger between Irvine, Calif.-based St. Joseph Health and Renton, Wash.-based Providence Health & Services — a deal that would create the third-largest nonprofit health system in the U.S.

Among the requirements for the deal is that the combined entity launch a three-year, $30 million mental health initiative in California, according to The Orange County Register.

St. Joseph released a statement praising the attorney general's decision, but said it would take time to review the conditions imposed on the transaction, according to the report.

The combined entity, Providence St. Joseph Health, will include 16 St. Joseph hospitals and 34 Providence hospitals. The two systems signed a letter of intent in August to merge.

More articles on healthcare industry transactions:

Texas Health Resources acquires Atrium Medical Center
HCA buys Dallas hospital
8 recent healthcare transactions and partnerships

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