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Prime Healthcare Acquiring Verity’s St. Francis Medical Center for $350M
The U.S. Bankruptcy Court for the Central District of California in Los Angeles approved the sale of St. Francis Medical Center in Lynwood, CA to Prime Healthcare. Under the agreement, Prime will acquire the facility from Verity Health System for a net consideration of more than $350 million, including a $200 million 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.
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.
A federal bankruptcy judge also approved the sale of Verity Health’s St. Vincent Medical Center, a shuttered Los Angeles hospital, for $135 million to Dr. Patrick Soon-Shiong, who plans to create a coronavirus research facility on the campus.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
