Community Health Systems based in Franklin, Tenn., announced its intent to acquire Scranton, Pa.-based Moses Taylor Health Care System's assets, according to a CHS news release.
The CHS release said the deal is pending review and approval of the Pennsylvania attorney general's office, and terms have not yet been disclosed.
A Moses Taylor news release said the proceeds of the sale will be used to fund employee pensions, eliminate liabilities and debt and establish a nonprofit foundation to improve healthcare in the Scranton community.
Active employees are expected to be hired into their same positions when the transaction closes, and CHS plans to invest $60 million over five years for facility and technology upgrades within the health system, the release said.
This deal comes within hours of Danville, Pa.-based Geisinger Health Systems announcing its pending merger with Scranton, Pa.-based Community Medical Center.
Temple University Health System, West Penn Allegheny Partner on Pittsburgh Medical School Campus
Two Pennsylvania Health Systems to Explore Affiliation
The CHS release said the deal is pending review and approval of the Pennsylvania attorney general's office, and terms have not yet been disclosed.
A Moses Taylor news release said the proceeds of the sale will be used to fund employee pensions, eliminate liabilities and debt and establish a nonprofit foundation to improve healthcare in the Scranton community.
Active employees are expected to be hired into their same positions when the transaction closes, and CHS plans to invest $60 million over five years for facility and technology upgrades within the health system, the release said.
This deal comes within hours of Danville, Pa.-based Geisinger Health Systems announcing its pending merger with Scranton, Pa.-based Community Medical Center.
Related Articles on Pennsylvania Hospital Transactions:
Pennsylvania's Holy Spirit Hospital to Set Up Camp Near Carlisle RegionalTemple University Health System, West Penn Allegheny Partner on Pittsburgh Medical School Campus
Two Pennsylvania Health Systems to Explore Affiliation