Alexian Brothers Health System, Arlington Heights, Ill., will form a new heart institute with Cardiovascular Associates, a 17-physician group with offices in suburban Chicago, according to a news release (PDF).
Alexian Brothers forming heart institute
The Alexian Brothers Heart and Vascular Institute will form after the parties sign the deal, expected on Nov. 1. Cardiovascular Associates already has doctors on staff at Alexian facilities. Terms were left undisclosed.
“We share a common goal and long history with ABHS,” Cardiovascular Associate's President Jack Chamberlin said in a statement. “This partnership is a good fit as we continue to provide the most clinically advanced cardiac care for our patients and community.”
Alexian signed a definitive agreement in September so 76-hospital Ascension Health, St. Louis, would acquire the three-hospital system. Neither provided details of the transaction until they submitted materials to the Illinois Health Facilities and Services Board for state approval in October. Those materials showed the deal could run up to $645 million, with Ascension assuming debt and investing money. The deal is expected to close on Jan. 1.
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