DALLAS-Steward Health Care 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 are subject to customary closing conditions, including Bankruptcy Court and regulatory approvals.
“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)…