Trinity CHE, Livonia, Mich., has called off a deal to purchase 431-bed St. Joseph Hospital Health Center in Syracuse, N.Y.
The system, which already owns six hospitals in upstate New York, signed a nonbinding letter of intent with St. Joseph's in July but, after a three-month due diligence process, decided not to pursue a deal.
“We concluded that now is not the right time for us to come together,” President and CEO Judy Persichilli wrote in a letter to employees. “We believe a better alternative is to pursue a strategic affiliation agreement that enables us to share ideas and resources that can strengthen our ministries.”
Trinity CHE released the letter in a filing to bondholders.