Pacer Health Corp., Miami, said it has signed a nonbinding letter of intent to sell 25-bed Minnie G. Boswell Memorial Hospital, Greensboro, Ga., to St. Josephs Hospital of Atlanta, for undisclosed terms. Due diligence and a definitive agreement should be completed in time to close the deal by Dec. 31, according to Pacer.
The small for-profit company acquired Boswell Memorial in 2004 after the hospital had announced that it was closing. The sales proceeds will go to boosting the companys working capital and strengthening its balance sheet, according to Pacer.
Pacer operates two other acute-care hospitals and one psychiatric hospital in a total of three states. The parent of 382-bed St. Josephs is Catholic Health East, Newtown Square, Pa. -- by Vince Galloro
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