Catholic Health Initiatives will acquire six-hospital St. Luke's Episcopal Health System in Houston, pending regulatory approvals, according to a news release.
The Texas Episcopal Diocese approved the definitive agreement, which includes a $1 billion investment from Englewood, Colo.-based CHI. CHI will also spend another $1 billion in establishing a foundation to help the community's underserved. The transaction is expected to be finalized in the summer, and the system would be renamed to St. Luke's Health System. The system's flagship is 711-bed St. Luke's Episcopal Hospital.
“The relationship with Catholic Health Initiatives ensures the Greater Houston area will retain one of its great healthcare institutions, while best preparing St. Luke's to meet future changes in healthcare,” said CHI President and CEO Kevin Lofton in the release.