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NorthShore University HealthSystem to acquire Chicago hospital

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Evanston, Ill.-based NorthShore University HealthSystem has entered into an agreement to acquire Swedish Covenant Health in Chicago.

NorthShore has four hospitals in the Chicago suburbs of Evanston, Glenview, Highland Park and Skokie. NorthShore's hospital footprint would extend into Chicago with the acquisition of 312-bed Swedish Covenant Hospital, according to the Chicago Tribune.

Under the proposed transaction, NorthShore would make a "significant philanthropic contribution" to the Swedish Covenant Health Foundation. Other financial terms of the agreement were not disclosed.

NorthShore President and CEO J.P. Gallagher said teaming up with Swedish Covenant will support long-term growth.

"Partnering with Swedish Covenant will allow us to build on our respective exemplary physician networks and expand primary, immediate and specialty care access across our communities," he said in a press release.

Swedish Covenant Health President and CEO Anthony Guaccio said his organization will benefit from joining a larger system.

"Our partnership with NorthShore will support our ability to continue serving our patients by delivering comprehensive community-based healthcare while also benefitting from the resources and capabilities of a larger health system."

More articles on healthcare industry transactions:

U of Louisville won't buy Jewish Hospital from CHI
Quorum to divest California hospital
Partners backs out of plan to acquire Care New England

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