Catholic Health East New Jersey, or CHE-NJ, has completed its purchase of 223-bed St. Michaels Medical Center, Newark, from Cathedral Healthcare System for $120 million.
The asset-purchase deal will turn CHE-NJ into a four-hospital system. The provider also owns 391-bed Our Lady of Lourdes Medical Center in Camden, 188-bed Lourdes Medical Center of Burlington County in Willingboro and 165-bed St. Francis Medical Center in Trenton.
Under the terms of the deal, each hospital will retain its local management and governance board, according to CHE-NJ President and Chief Executive Officer Alexander Hatala. Catholic Health East New Jersey is a division of the Catholic Health East system. -- by Shawn Rhea