The purchase price was included in a petition filed Friday in Delaware County Orphans’ Court. The document did not include a net purchase price after a series of deductions are made, including up to $120 million to cover Crozer-Keystone’s outstanding pension liability.
All money left over after the deductions are made will go into the Crozer-Keystone Community Foundation.
Prospect and Crozer-Keystone signed a definitive agreement in January. Under the agreement, Crozer-Keystone hospitals, its physician network and other facilities will become part of the Prospect network. Prospect has committed to keep all five Crozer-Keystone hospitals open and will make capital investments in the health system totaling at least $200 million over the next five years.
More articles on healthcare industry transactions:
5 recent hospital transactions and partnerships
Cascade Valley Hospital joins Skagit Regional Health’s network
37 hospital transactions and partnerships in May
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
