Patrick Soon-Shiong, MD, the billionaire owner of the Los Angeles Times, has purchased a Los Angeles hospital out of bankruptcy for $135 million.
Transactions & Valuation Issues
The Carle Foundation in Urbana, Ill., will pay about $190 million to acquire two hospitals from Advocate Aurora Health, a 28-hospital system with dual headquarters in Downers Grove, Ill., and Milwaukee, according to The News-Gazette.
The leaders of four hospitals on Chicago's South Side shared additional details about their plan to merge at a virtual town hall meeting this week, according to Chicago Block Club.
Twin Lakes Regional Medical Center in Leitchfield, Ky., has signed a letter of intent to join Owensboro (Ky.) Health.
Molina Healthcare terminated its agreement to acquire all the capital stock of NextLevel Health Partners, a Medicaid managed care organization in Illinois.
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Six transactions involving hospitals and health systems announced, finalized or advanced in the last month:
The CEO of New Hanover Regional Medical Center in Wilmington, N.C., said hospital leadership will continue exploring possible transactions despite new financial pressures from COVID-19, according to local news station WECT.
Bankrupt Verity Health System will sell its 384-bed hospital in Lynnwood, Calif., to for-profit hospital operator Prime Healthcare Services.
Coeur d'Alene, Idaho-based Kootenai Health has acquired two hospitals from Duluth, Minn.-based Essentia Health, according to The Idaho County Free Press.
Virginia health systems Sentara Healthcare in Norfolk and VCU Health System in Richmond finalized their joint ownership agreement of Virginia Premier health plan, a managed care plan, on April 8.