Trinity Health’s MercyOne has completed its acquisition of Genesis Health System, the nonprofit health systems announced Wednesday.
Under the agreement, Davenport, Iowa-based Genesis’ five hospitals and other operations will become part of MercyOne, a West Des Moines, Iowa-based health system that comprises 18 hospitals.
The combined health system does not plan to lay off employees or cut services, MercyOne President and CEO Bob Ritz said during a news conference Wednesday.
MercyOne, which is part of Livonia, Michigan-based Trinity Health, and Genesis signed a letter of intent to merge in September. Trinity completed its acquisition of MercyOne in September when it bought the remaining shares of a joint operation from Chicago-based CommonSpirit Health.
Genesis will spin off one of its two philanthropic divisions as part of the deal. Genesis Philanthropy will operate under a new name, the Better Health Foundation, and Genesis Health Services Foundation will be integrated into the new company. Genesis gave $40 million to the Better Health Foundation, which will be operational on July 1, according to a news release.
This story has been corrected to reflect that Trinity Health's MercyOne acquired Genesis Health System. Also, Trinity Health completed its purchase of MercyOne in September.