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UnityPoint Health-Waterloo reaches tentative agreement to acquire bankrupt hospital

UnityPoint Health-Waterloo (Iowa) has reached a tentative agreement to acquire Marshalltown-based Central Iowa Healthcare, which includes a 49-bed acute care hospital, an outpatient center and four primary care clinics, according to a KFJB report.

CIH filed for bankruptcy Dec. 20. As part of its bankruptcy filing, CIH submitted a plan to sell the bulk of its assets to UnityPoint Health-Waterloo, an affiliate of West Des Moines, Iowa-based UnityPoint Health. In January, CIH's corporate members unanimously approved the sale.  

On Wednesday, the parties reached an agreement for UnityPoint Health-Waterloo to purchase CIH for $11.9 million. The bankruptcy court is expected to approve the agreement within the next two weeks, and the transaction is expected to close by the end of April, according to the report.

More articles on healthcare industry transactions:

PinnacleHealth pursues affiliation with UPMC, inks deal to acquire 4 CHS hospitals
Quorum Health to divest Alabama hospital
3 hidden costs hospitals should consider when acquiring physician practices

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