Prime Healthcare completed its acquisition of eight Ascension Illinois hospitals.
The transaction closed March 1 and involves more than half of Ascension's Illinois hospital network, along with several skilled nursing, home health and senior living facilities. Federal and state regulators signed off on the $375 million deal last year.
Related: Ascension, Prime hospital deal receives state approval
Prime, a for-profit system based in Ontario, California, pledged to invest $250 million in the facilities.
The initial proposal announced in July included a ninth hospital, Ascension St. Elizabeth, but Ascension and Prime ended that facility’s acute care operations on Feb. 17, an Illinois Health Facilities & Services Review Board filing shows. Ascension, a nonprofit system based in St. Louis, and Prime announced plans in August to close St. Elizabeth, citing low inpatient volumes.
Ascension has continued to downsize its Midwest hospital footprint as the organization loses money on operations. The health system reported a $365 million operating loss in the first six months of fiscal 2025, according to its latest financial statement.
