The groups said Prime’s certificate of need application was complete, and now the transaction is set for public hearings before final approval is issued.
The nonprofit St. Mary’s signed a letter of intent to sell to private, for-profit Prime in November 2012 and finalized a binding asset purchase agreement this past January. Both sides are still ironing out the purchase price, which was initially estimated around $25 million. Prime will also invest roughly $30 million in capital improvements at St. Mary’s over five years. No timeline was given for when the organizations expected to close on the transaction.
Prime, which operates 23 acute-care hospitals across the country, has aggressively entered the New Jersey hospital market. In addition to St. Mary’s, Prime is in the process of acquiring Denville-based Saint Clare’s Health System and Newark-based Saint Michael’s Medical Center.
This story has been updated to indicate only the application of the deal has been approved, not the entire transaction.
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