The organizations will now enter a period of due diligence. Hallmark and Wellforce will finalize an agreement over the next few months and seek regulatory approval of the deal.
Regarding the transaction, Hallmark Health President and CEO Alan Macdonald said, “We are fortunate to have had a great number of thoughtful proposals to consider, but Wellforce clearly stood out as an organization that we can see ourselves aligning with and positioning us for future growth.”
Wellforce was formed in 2014 by Tufts Medical Center in Boston and Circle Health, the parent company of Lowell (Mass.) General Hospital.
More articles on healthcare industry transactions:
Prospect’s acquisition of Crozer-Keystone clears final regulatory hurdle
Baptist Health to acquire Floyd Memorial Hospital for $300M
Kindred Healthcare completes another swap arrangement for hospitals
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