M&A Roundup: Prime, Tenet, BIDMC Announce Deals

"From the financial support to the terms of the APA, it is clear that Prime offers the best way forward for St. Mary's," Edward J. Condit, St. Mary's president/CEO, said in prepared remarks. "Prime has given St. Mary's an excellent opportunity to not only be viable, but to grow and prosper. We must proceed as quickly as possible to finalize this sale in order to protect and secure the healthcare needs of the Passaic community."

"We are appreciative of the wonderful legacy the Sisters of Charity of Leavenworth leave these hospitals and our communities," Michael Parra, MD, a board member for Providence Medical Center and Saint John Hospital, said in prepared remarks. "Yet, now is the time to embrace a new direction and Prime Healthcare Services has a strong reputation for quality, excellence and growth."

In New Jersey, Prime said it will keep the St. Mary's Hospital in Passaic open as an acute care hospital for at least five years and it will continue to operate the hospital in a manner that is consistent with its ethical and religious directives. That includes adopting charity care policies which are at least as generous as those currently used by the hospital.