Yale-New Haven (Conn.) Hospital's bid to buy the Hospital of St. Raphael won clearance Connecticut's attorney general. The 959-bed Yale-New Haven Hospital reached a definitive agreement to purchase the 406-bed Hospital of St. Raphael in September 2011.
Conn. AG clears Yale-New Haven's purchase of St. Raphael
“Based on the evidence developed during the investigation, and in light of the law applicable to these types of transactions—including taking into consideration St. Raphael’s precarious financial condition and other expected efficiencies that will be realized through the acquisition—I have decided not to seek to block the merger under Connecticut’s antitrust law,” said George Jepsen, the state’s attorney general, in a news release.
Under the deal, Yale-New Haven will invest in St. Raphael’s campus and help cover a pension shortfall.
Yale-New Haven agreed that St. Raphael would continue to provide the same level of charity care, financial aid, service and assistance to patients, the news release said.
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