The Carle Foundation in Urbana, Ill., will pay about $190 million to acquire two hospitals from Advocate Aurora Health, a 28-hospital system with dual headquarters in Downers Grove, Ill., and Milwaukee, according to The News-Gazette.
In January, Advocate Aurora signed a definitive agreement to sell BroMenn Medical Center in Normal, Ill., Advocate Eureka (Ill.) and their affiliate sites to Carle. At that time, terms of the agreement were not disclosed.
The purchase price and a few other details were released in applications to transfer ownership filed with state regulators. If the deal closes, Carle plans to employ about 70 physicians from Advocate's medical group who provide care in the areas served by 25-bed Advocate Eureka and 221-bed BroMenn Medical Center, according to the report.
The transaction requires approval by the state and the Federal Trade Commission. Pending the approvals, the transaction is slated to close in July, a Carle spokesperson told The News-Gazette.
More articles on healthcare industry transactions:
West Virginia hospital on brink of closure secures buyer
North Carolina health systems call off partnership talks
New York hospital to split with Ascension after 18 years