Trinity Health, Novi, Mich., has received federal antitrust approval to purchase the Chicago-area Loyola University Health System in a $475 million deal that would give the national Roman Catholic provider an academic medical center.
Feds let Trinity-Loyola deal proceed
With approvals from the Justice Department and the Federal Trade Commission, a Trinity spokeswoman said the deal is on pace to close early this summer, pending outstanding “transition details.” Loyola University Health System includes the 535-bed Loyola University Medical Center in Maywood, Ill., and the 234-bed Gottlieb Hospital in Melrose Park, Ill.
Terms of the transaction call for Trinity to commit $300 million toward capital and equipment needs at the health system over seven years, as well as paying Loyola $100 million and contributing another $75 million toward a new medical research facility, according to terms announced in March.
The deal was approved by the Illinois Health Facilities and Services Review Board earlier this month.
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