Healthcare Business News

Late News: Memorial Health completes sale of Anaheim Memorial to AHMC

Posted: July 6, 2009 - 12:01 am ET

Memorial Health Services, Long Beach, Calif., said it completed the sale of

223-bed Anaheim (Calif.) Memorial Medical Center to investor-owned AHMC Healthcare, Alhambra, Calif. Memorial Health had lined up three previous for-profit buyers, but two were rejected by the California attorney general; financing fell through in the remaining deal. The attorney general approved the sale last month subject to conditions. Those include operating the facility as an acute-care hospital, maintaining community-benefit programs and continuing the hospital’s charity-care policies for at least five years from the date of purchase. AHMC agreed to pay $60 million for substantially all of Anaheim Memorial’s assets and also provide at least $45 million in capital improvements, equipment and working capital in its first five years of ownership, according to a report prepared for the attorney general’s office. The deal leaves not-for-profit Memorial with five hospitals and expands AHMC to seven hospitals. Both systems’ facilities are based in California.

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