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Westerly Hospital's $69M Sale to Lawrence & Memorial Approved

Rhode Island Superior Court Associate Justice Brian Stern approved New London, Conn.-based Lawrence & Memorial Hospital's $69 million bid to acquire The Westerly (R.I.) Hospital.

With Mr. Stern's approval, the acquisition can receive regulatory review prior to the actual closing, according to the release.

According to the agreement, L&M is committed to maintaining Westerly as an acute-care facility for at least five years, and all clinical services will continue for at least two years after Westerly is officially acquired. L&M will assume all of Westerly's current secured debt and has promised $6.5 million in working capital. The agreement also calls for an investment of $30 million from L&M over a five-year period to address improvements in technology, equipment and the physical plant, according to the report.

More Articles on Lawrence & Memorial, Westerly Hospital Acquisition:

Superior Court to Rule on Lawrence & Memorial Hospital's Bid for Westerly Hospital
L&M Memorial Hospital is Lone Bidder for Westerly Hospital in Rhode Island
Judge Approves Lawrence & Memorial's $69M Bid for Westerly Hospital in RI

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