Prime Healthcare (“Prime”) and Verity Health System (“Verity”) announced Thursday 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. Prime has committed to investing $47 million in St. Francis to fund capital improvements, including substantial technology investments and system upgrades, in addition to agreeing to make offers of employment to substantially all St. Francis employees. The sale is being conducted through a court-supervised process under Section 363 of the Bankruptcy Code and is subject to regulatory review, in addition to other closing conditions.
Read the full article: Prime Healthcare to Acquire Verity Health System’s St. Francis Medical Center //
Source: https://www.businesswire.com/news/home/20200409005876/en/Prime-Healthcare-Acquire-Verity-Health-System%E2%80%99s-St.