Prime Healthcare Services, a for-profit health system based in Ontario, Calif., has emerged as a new buyer for Landmark Medical Center, a financially distressed Rhode Island hospital that was set to be acquired by Steward Health Care System.
Boston-based Steward, also a for-profit system, dropped its bid to acquire the 133-bed hospital, stating Thursday that conditions of the deal had not been met. The deadline for the transaction was Sept. 30.
Less than a day later, Prime Healthcare confirmed that it signed an asset-purchase agreement with Landmark Medical Center, which has been in receivership since 2008.
Prime had expressed interest in acquiring the Woonsocket hospital last year.