Fri October 29, 2010
Caritas sale to Cerberus final
By MEGAN HALL
Providence, RI –
Officials at Landmark Medical Center in Woonsocket finally know who owns the hospital chain that hopes to own them. The Massachusetts Supreme Court has approved the sale of the Caritas Christi hospital chain to Cerberus- a private equity firm.
Landmark has been negotiating a sale with Caritas for more than a year, but things got complicated when the Massachusetts hospital chain put itself up for sale. The Supreme Court decision in Massachusetts makes the Caritas purchase final, and according to Landmark spokesman Bill Fischer, makes the sale in Rhode Island a little less confusing.
"It was this unanswered question, when would that go through, would it would go through" Fischer says. "I'm sure it was always in the back of the minds of the regulators about what entity they were actually dealing with and what that would look like."
Fischer says Landmark and Caritas should finalize their purchase agreement in court within the next two weeks.
After that, the hospitals must complete a lengthy merger application process which requires the approval of the Attorney General and the Director of the Department of Health.
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