Prime Healthcare Foundation to acquire Central Maine Healthcare

The Prime Healthcare Foundation plans to acquire Central Maine Healthcare by the end of the year.

The transaction involves three hospitals — Central Maine Medical Center in Lewiston, Bridgton Hospital and Rumford Hospital — in addition to two senior living facilities, a cancer care center, more than 40 physician practices and the Maine College of Health Professions. It is subject to regulatory approval, according to a Wednesday news release.

Related: Ascension, Prime hospital deal receives state approval

Prime and the Central Maine facilities will continue to operate independently under a consulting agreement until the deal closes, according to the release.

Post-transaction, the Central Maine facilities would keep their names and local leadership. Prime would offer jobs to nearly all of Central Maine's employees and honor existing contracts. The foundation also plans to invest $150 million in the Central Maine facilities over the next five years, the release said.

Additional financial details of the deal were not disclosed.

Joining with Prime would give Central Maine more resources to attract top talent and improve care access, Central Maine President and CEO Steve Littleson said in a statement. Central Maine recorded a $5.2 million operating loss in fiscal 2023, according to its most recent annual report.

The Prime Healthcare Foundation, which has more than $1.8 billion in assets, operates 14 hospitals in six states. The foundation serves as the nonprofit arm of Ontario, California-based Prime Healthcare, a for-profit system that operates 44 hospitals and more than 300 outpatient locations in 14 states, including the foundation's facilities. Under the system's business model, some hospitals are operated as for-profit facilities, while others are nonprofit and operated by the foundation. Prime Healthcare reported $4.3 billion in revenue in fiscal 2024.

Acquiring Central Maine would expand the foundation's footprint into a new state.

The larger for-profit system has been looking to acquire facilities in multiple states. In April, Prime Healthcare finalized its $350 million acquisition of four New Jersey hospitals and one California hospital from Medical Properties Trust. In December, Illinois state health officials approved Prime Healthcare's proposed deal to buy 11 hospitals and care sites from Ascension Illinois, which would bulk up Prime's Midwestern presence.