Trinity Health of Novi, Mich., has closed on its $100 million purchase of Loyola University Health System of Maywood, Ill.
Under the agreement, Trinity Health has taken over ownership of 535-bed Loyola University Health System, which includes Loyola University Hospital.
Along with the $100 million price, Trinity Health has agreed to spend $300 million for capital improvements and $75 million toward a new $150 million health sciences research facility. The deal also includes $22.5 million in annual payments to the Stritch School of Medicine, which will remain part of the university.
The two parties filed a letter of intent to merge in March, and since then all regulatory and board approvals have been finalized.
“The consolidation brings together two strong Catholic health systems committed to investing in patient care, infrastructure, facilities and research,” said Joseph Swedish, president and CEO of Trinity Health, in a news release
.(See Joseph Swedish discuss the deal in a Modern Healthcare interview here.)