(Story updated at 11:52 a.m. ET.)
Trinity Health will add three-hospital St. Francis Care to its portfolio to expand its footprint in New England.
Trinity will invest $275 million in Hartford, Conn.-based St. Francis in the first five years after the deal closing, which is expected to occur in late 2015.
St. Francis will become part of a regional health system under the Trinity umbrella that will be formed with Trinity's Sisters of Providence Health System in Springfield, Mass.
“Our board is thrilled to have this opportunity to work closely with St. Francis,” said Dr. Richard Gilfillan, Trinity's president and CEO. “St. Francis was clearly the leading organization that we thought could be a great partner. We had an incredible match of mission, culture, value and strategy.”
Gilfillan, who has put an ambitious population health strategy in place at Trinity for what he calls its transition to a “people-centered health system,” added that St. Francis is already working on a number of innovative programs for conditions such as multiple sclerosis and cardiovascular disease.