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Hospital M&A update: 9 recent deals

Nine deals involving health systems and hospitals have been announced, finalized or called off in the last two weeks:

1. NYU Langone, Long Island hospital make affiliation official
New York City-based NYU Langone Health and East Patchogue, N.Y.-based Long Island Community Hospital finalized their affiliation. The deal makes NYU Langone the parent of Long Island Community Hospital.

2. Nationwide Children's assumes ownership of Mercy Health-Children's Hospital
Columbus, Ohio-based Nationwide Children's Hospital is the new owner of Toledo, Ohio-based Mercy Health-Children's Hospital. It will be renamed Nationwide Children's Hospital-Toledo.

3. University Health forms joint venture to add 3 rehab hospitals
San Antonio-based University Health has entered a joint venture with post-acute healthcare company PAM Health to help operate three rehabilitation hospitals.

4. Piedmont acquires 3-hospital system
University Health Care System, a three-hospital system in Augusta, Ga., officially joined Atlanta-based Piedmont Healthcare on March 1. Piedmont now comprises 19 hospitals. 

5. OSF HealthCare to purchase assets of closed Illinois hospital
Peoria, Ill.-based OSF HealthCare has signed a letter of intent to purchase the real estate, medical equipment and other assets of Galesburg (Ill.) Cottage Hospital, which closed after losing its Medicare contract. 

6. Prospective buyer of 2 Pennsylvania hospitals fails to post $1M bond by deadline
Texas turnaround firm Canyon Atlantic Partners failed to post a $1 million bond required by a Pennsylvania Court of Common Pleas judge to purchase two closed hospitals from West Reading, Pa.-based Tower Health. The judge ordered Tower Health to restart the sale of the hospitals Feb. 14.

7. Lifespan, Care New England withdraw merger application
The boards of Lifespan and Care New England — both based in Providence, R.I. — withdrew their merger application after the Federal Trade Commission filed a lawsuit to block the deal.

8. Judge approves sale of bankrupt hospital to healthcare district
A bankruptcy judge gave the green light to Pajaro Valley Healthcare District Project's bid to purchase Watsonville (Calif.) Community Hospital.

9. StoneBridge Healthcare makes Care New England $550M purchase deal
StoneBridge Healthcare, a financial turnaround company, submitted a bid to purchase Providence, R.I.-based Care New England Health System.

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