Prime Healthcare (“Prime”) and Verity Health System (“Verity”) announced today that the U.S. Bankruptcy Court for the Central District of California in Los Angeles has approved the Asset Purchase Agreement for the sale of St. Francis Medical Center (“St. Francis”) in Lynwood, California. Under the agreement, Prime will acquire St. Francis for a net consideration of over $350 million, including a $200 million ($200,000,000) base price and $15 million in payroll and benefits for staff.
“St. Francis Medical Center plays a crucial role in providing high-quality care for patients in Lynwood and the surrounding communities,” said Rich Adcock, CEO of Verity Health. “Prime has time and time again saved hospitals to support communities. We are confident that Prime will continue this record of excellence and look forward to working in partnership through the sale close process.”
“Our agreement with Verity reflects our decades-long mission of saving, improving and investing in community hospitals,” said Dr. Sunny Bhatia, Prime Healthcare’s Region 1 CEO and Corporate Chief Medical Officer. “We are honored and look forward to continuing St. Francis’ legacy of compassionate, critical medical care for the communities it serves, especially during this unprecedented health crisis.”
St. Francis Medical Center remains fully operational during the sale close process and Prime Healthcare will be supporting the hospital staff as they continue to provide critical care during this COVID pandemic.
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