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

Providence Reaches Agreement to Take Over Saint John's Health Center

Providence Health & Services, Southern California and SCL Health System in Denver have nailed down a definitive agreement in which Providence will acquire Saint John's Health Center in Santa Monica, Calif.

Financial terms of the deal were not disclosed. Providence Southern California, a five-hospital division of Renton, Wash.-based Providence Health & Services, will assume ownership and the day-to-day operations of the 234-bed Saint John's. Executives from Catholic-based SCL Health System said they decided to sell Saint John's to Providence so the hospital could remain sustainable amidst healthcare reform while retaining its Catholic mission, according to a news release.

California Attorney General Kamala Harris still must approve the deal. The transaction is also subject to approval by the Archbishop of Los Angeles and the Vatican.

SCL Health System and Providence initially agreed to the acquisition in May. In April, other health systems were in the running to buy Saint John's, including a potential partnership between UCLA Health System and St. Louis-based Ascension Health.

More Articles on Hospital Transactions:
Several Physicians Sell Stake in USMD Hospital at Arlington
Memorial Hospital Completes Merger With Care New England
Scottsdale Healthcare, John C. Lincoln Health Network Approve 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