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Prime Healthcare to Acquire Verity Health System’s St. Francis Medical Center

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erica mary
Prime Healthcare to Acquire Verity Health System’s St. Francis Medical Center

Prime Healthcare (“Prime”) and Verity Health System (“Verity”) announced today that the U.S. Bankruptcy Court for the Central District of California in Los Angeles has approved the Asset Purchase Agreement for the sale of St. Francis Medical Center (“St. Francis”) in Lynwood, California. Under the agreement, Prime will acquire St. Francis for a net consideration of over $350 million, including a $200 million ($200,000,000) base price and $15 million in payroll and benefits for staff.

“St. Francis Medical Center plays a crucial role in providing high quality care for patients in Lynwood and the surrounding communities,” said Rich Adcock, CEO of Verity Health. “Prime has time and time again saved hospitals to support communities. We are confident that Prime will continue this record of excellence and look forward to working in partnership through the sale close process.”

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