DALLAS--(BUSINESS WIRE)--Steward Health Care (“Steward”), the country’s largest physician-led, minority-owned, integrated health care system, today announced that it has entered into definitive agreements to sell certain Massachusetts-based hospitals. Under the terms of the asset purchase agreements, Lifespan will purchase Morton Hospital and Saint Anne’s Hospital and Lawrence General Hospital will purchase Holy Family Hospital - Methuen and Holy Family Hospital - Haverhill. Additionally, the parties are finalizing an agreement to sell Steward’s Good Samaritan Medical Center and St. Elizabeth’s Medical Center operations to Boston Medical Center. The transactions, which are subject to customary closing conditions, including Bankruptcy Court and regulatory approvals, will result in strong patient and physician outcomes for the Commonwealth of Massachusetts.
“As Steward continues to progress through the ongoing Chapter 11 proceedings, we are thrilled to have identified such qualified acquirers for hospitals in the Commonwealth that are critical to the health of underserved populations,” said John Castellano, Steward’s Chief Restructuring Officer. “In Lifespan, Lawrence General Hospital and Boston Medical Center, we have found partners with established track records of treating communities in the northeast United States. Through these transactions, the people of the Commonwealth will continue to receive critically needed care while Steward continues to focus on its ongoing Chapter 11 process.”
Steward is represented by Weil, Gotshal & Manges LLP (Restructuring Counsel), McDermott Will & Emery LLP (Regulatory Counsel), Cain Brothers, a division of KeyBanc Capital Markets Inc. (Healthcare Investment Banker), Leerink Partners LLC (Healthcare Investment Banker), and AlixPartners, LLP (Financial Advisor).
About Steward Health Care
Over a decade ago, Steward Health Care System emerged as a different kind of health care company designed to usher in a new era of wellness. One that provides our patients better, more proactive care at a sustainable cost, our providers unrivaled coordination of care, and our communities greater prosperity and stability.
As the country’s largest physician-led, minority-owned, integrated health care system, our doctors can be certain that we share their interests and those of their patients. Together we are on a mission to revolutionize the way health care is delivered - creating healthier lives, thriving communities and a better world.
Based in Dallas, Steward currently operates more than 30 hospitals across Arizona, Ohio, Pennsylvania, Arkansas, Florida, Louisiana, Texas, and Massachusetts.
Additional information is available at www.steward.org.
