Catholic Health Initiatives and Catholic Health East Sign Definitive Agreement to Transfer Facilities
Catholic Health Initiatives signed a definitive agreement to transfer five market-based organizations to Catholic Health East, based in Newtown Square, Pa. The agreement follows several months of discussion and due diligence since the two health systems signed a letter of intent for the transfer in December 2000. The five market-based organizations include St. Agnes Medical Center and Nazareth Hospital in Philadelphia, Pa.; St. Mary Medical Center in Langhorne, Pa.; St. Francis Medical Center in Trenton, N.J.; and St. Francis Healthcare Services in Wilmington, Del., which includes St. Francis Hospital and two long-term care centers. The transfer is subject to approval by the Catholic Church and the states in which the market-based organizations are located. Catholic Health Initiatives and Catholic Health East expect to complete the transfer on or about June 30, 2001.