Hoboken (N.J.) University Medical Center has signed a letter of intent with HUMC Holdco, according to City of Hoboken news release.
The Hoboken Municipal Hospital Authority unanimously voted for the final bidder last night. The parties plan to complete due diligence and conduct negotiations leading to the execution of a binding asset purchase agreement by the end of the first quarter of 2011.
HUMC Holdco has pledged to keep the Hospital open as a full-service, acute-care, community hospital for at least seven years, according to the release.
HUMC Holdco is a private entity affiliated with the 278-bed Bayonne (N.J.) Medical Center.
Read the release on the transaction between Hoboken University Medical Center and HUMC Holdco.
Read more about Hoboken University Medical Center:
– New Jersey’s Hoboken University Medical Center Nears Privatization
– Authorities Welcome Stakeholder Input in New Jersey Hospital Privatization
– CFO at Hoboken University Medical Center Resigns After Audit Shows Accounting Irregularities
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