The Illinois Health Facilities and Services Review Board approved the acquisition of Alexian Brothers Health System, Arlington Heights, Ill., (PDF) by St. Louis-based Ascension Health.
Illinois board OKs Ascension-Alexian deal
The deal involving the three-hospital system in Chicago's Northwest suburbs and the country's largest Roman Catholic health provider is expected to close on Jan. 1. Earlier this week Alexian named Mark Frey the system's new president and CEO.
The two parties reached a definitive agreement in September.The financial terms of the deal could add up to $645 million, according to documents filed with the board. That includes the assumption of $490 million in long-term debt in 2010 and commitments of up to $125 million toward a children's and women's wing under construction at Alexian's campus in Hoffman Estates, Ill., and up to $30 million in support of an Alexian long-term-care project in Tennessee. It gives Ascension its only presence in the Chicago area market.
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