Sponsored by VMG Health | info@vmghealth.com | 214.369.4888

Prime Healthcare gets go-ahead to purchase N.J. system from CHI

The New Jersey Superior Court has approved Ontario, Calif.-based Prime Healthcare Services' Community Health Care Protection Act application, allowing the for-profit hospital operator to acquire Saint Clare's Health System, a three-hospital system based in Denville, N.J.

The deal, which is valued at about $62 million, will transfer ownership of St. Clare's from Englewood, Colo.-based Catholic Health Initiatives to Prime. The transaction is expected to close July 31.

Through the transaction, Prime will expand its footprint in New Jersey, as Prime already operates St. Mary's Hospital New Jersey in Passaic.

Prime Healthcare Chairman, President and CEO Prem Reddy, MD, said, "We're pleased that Saint Clare's will soon join St. Mary's as part of our New Jersey healthcare system."

More articles on hospital transactions:

Mid-year report: 9 called-off hospital, health system deals in 2015
Healthcare deals down year-over-year in May
Experts weigh in on proposed Northwestern, KishHealth affiliation

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months