Saints Medical Center, which had announced plans to be acquired by Steward Health Care System earlier this year, said last week that the hospital signed a memorandum of understanding to affiliate with Lowell (Mass.) General Hospital (PDF).
Saints Medical Center, Steward drop deal
Steward and Saints Medical Center said in an Oct. 6 joint release that the two organizations have “mutually decided to end discussions that would have resulted in Saints becoming part of Steward.”
The affiliation between Saints Medical Center and Lowell General Hospital was also announced Oct. 6.
Saints, a 104-bed hospital, initiated affiliation discussions with Lowell General Hospital, a 187-bed facility, after Steward and Saints agreed to terminate the agreement, according to a Saints statement (PDF). Saints is also based in Lowell, Mass.
Stephen Guimond, president and CEO of Saints Medical Center, said in a news release that the affiliation “meets the needs of Saints for a strong financial partner and one that also respects the mission of the hospital.”
Lowell General Hospital's Board of Trustees Chair Margaret Palm said the affiliation “ensures continued local control” of the two hospitals.
Boston-based Steward and Saints said they had reached a definitive agreement for Steward to acquire Saints in July. Steward was expected to invest $5 million for capital needs and $35 million over the first five years, as well as take on $48 million in outstanding debt and $15 million in unfunded pension liabilities.
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