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Sylvania Franciscan, CHI reach merger agreement

Sylvania Franciscan Health in Toldeo, Ohio, and Englewood, Colo.-based Catholic Health Initiatives have reached a definitive merger agreement.

Under the agreement, CHI will assume ownership of the seven-hospital system from the Sisters of St. Francis of Sylvania, Ohio. CHI will become Sylvania Franciscan's sole sponsor. The transfer of ownership still requires the approval of the congregational minister and general council of the Sisters of St. Francis, the CHI Board of Stewardship Trustees, and federal, state and Catholic authorities. Financial terms of the deal were not disclosed.

The two organizations signed a letter of intent in May. At the time, Sylvania Franciscan CEO Jim Pope said that while the system was in a strong position, healthcare reform requires providers "to offer integrated systems of care for specific geographical populations." 

More articles on hospital sales:
Bill introduced to standardize hospital merger reviews
Hackensack University Health Network, Palisades Medical Center sign letter of intent
Is hospital consolidation beneficial or harmful for the healthcare industry?

 

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