The Massachusetts Supreme Court has approved the sale of non-profit Caritas Christi Healthcare to private equity firm Cerberus Capital Management, according to a Bloomberg Businessweek report.
Approval from the Supreme Court for the $895 million deal is required because the sale involves the transfer of charitable assets to a for-profit entity. The six-hospital system was previously operated by the Roman Catholic Archdiocese of Boston.
Attorney General Martha Coakley and the state's Public Health Council have already approved the sale.
The deal will infuse capital into the financially struggling health system, and is expected to improve Caritas' position as a competitor in the Boston-area healthcare market, according to a report by the Boston Globe.
Read more coverage on Caritas Christi:
- Massachusetts Supreme Court Justice to Review Caritas Christi Sale
- Massachusetts Health Council Approves Caritas Christi Sale
Massachusetts Attorney General Approves Caritas Christi Sale
Approval from the Supreme Court for the $895 million deal is required because the sale involves the transfer of charitable assets to a for-profit entity. The six-hospital system was previously operated by the Roman Catholic Archdiocese of Boston.
Attorney General Martha Coakley and the state's Public Health Council have already approved the sale.
The deal will infuse capital into the financially struggling health system, and is expected to improve Caritas' position as a competitor in the Boston-area healthcare market, according to a report by the Boston Globe.
Read more coverage on Caritas Christi:
- Massachusetts Supreme Court Justice to Review Caritas Christi Sale
- Massachusetts Health Council Approves Caritas Christi Sale
Massachusetts Attorney General Approves Caritas Christi Sale