Chicago-based Loyola University will receive $100 million from the sale of its Loyola University Health System to Novi, Mich.-based Trinity Health, according to a Chicago Tribune report.
As part of the deal, Trinity will also take over Loyola's debt. In exchange, the health system will pay a $22.5 million annual subsidy to Loyola's medical school — a roughly 30 percent cut compared to previous years, according to the report.
Loyola plans to use the $100 million to support medical education and research, according to the report.
Read the Chicago Tribune report on Loyola University Health System.
Read previous coverage on Loyola University Health System:
- Trinity Health to Buy Chicago's Loyola University Medical Center
- Illinois' Loyola Health System Names Dr. Robert Cherry as Chief Medical Officer
As part of the deal, Trinity will also take over Loyola's debt. In exchange, the health system will pay a $22.5 million annual subsidy to Loyola's medical school — a roughly 30 percent cut compared to previous years, according to the report.
Loyola plans to use the $100 million to support medical education and research, according to the report.
Read the Chicago Tribune report on Loyola University Health System.
Read previous coverage on Loyola University Health System:
- Trinity Health to Buy Chicago's Loyola University Medical Center
- Illinois' Loyola Health System Names Dr. Robert Cherry as Chief Medical Officer