KPC Group — which already owns several hospitals in Southern California, according to the Los Angeles Times — said that its original stalking horse bid of $610 million was approved by Verity’s board April 15 and the bankruptcy court April 17. The California attorney general must still approve the bid.
The group seeks to acquire St. Francis Medical Center in Lynwood, St. Vincent Medical Center and St. Vincent Dialysis Center in Los Angeles, Seton Medical Center in Daly City and Seton Coastside in Moss Beach.
KPC Group said its original bid for the El Sugando, Calif.-based chain was the highest of any proposed bids, so no auction was required.
“KPC remains very optimistic about the future of these hospitals, their employees, and the value they bring to delivering quality health care to many California communities,” Peter Baronoff, CEO of KPC Health and managing director of the KPC Group.
More articles on healthcare industry transactions:
Merger creates $2.4B health system with hospitals in New York, Connecticut
Advocate Aurora Health acquires Wisconsin hospital
CHS to sell Tennessee hospital
