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CHI Acquires Memorial Health System of East Texas

Englewood, Colo.-based Catholic Health Initiatives has signed a nonbinding letter of intent to assume ownership of Memorial Health System of East Texas, based in Lufkin.

The healthcare organizations will now negotiate the terms of the transaction and expect to reach an agreement by this spring, according to a news release. Memorial cited changes in the national healthcare landscape that have made it difficult to operate independently as the reason behind the proposed acquisition.

"This proposed transaction will significantly strengthen and expand the 65-year mission of Memorial through the strong commitment and resources of CHI, a highly respected national healthcare organization and a very successful faith-based ministry," said Jack Sweeny, chairman of the board for Memorial, in the release.

Memorial's board of directors, the CHI board of stewardship trustees — in addition to federal, state and church authorities — will need to approve the transfer of ownership.

More Articles on Hospital Transactions:
CHS Prepares $4.6B for HMA Merger
Westchester Medical Center Throws Hat Into Ring for St. Francis Hospital
Wellmont Health System Mulls Affiliation Options 

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