Rochester Hills, Mich.-based Crittenton Hospital Medical Center has signed a letter of intent to join St. Louis-based Ascension Health.
Crittenton will complement Ascension's strategic strength, while Ascension's financial and operating strength "will dramatically improve the financial and operating foundation of Crittenton," Crittenton president and CEO Roy Powell said in a news release.
Gwen MacKenzie, senior vice president of Ascension Health and market leader of the Michigan ministries, called the addition of Crittenton "a great fit for both organizations."
"This move was a very high priority for our national Ascension Health strategy to provide person-centered care through regional clinically integrated systems of care. Crittenton provides a needed geographic presence in our service area, so we can look forward to providing accessible services to new populations," she added.
With the letter of intent signed, the organizations will now begin a six-month due diligence process.
More articles on healthcare deals:
Prime agrees with most conditions placed on Daughters of Charity sale
The ultimate transaction guidebook: How to keep your hospital from singing the post-merger blues
Capella Healthcare acquires Carolina Pines Regional Medical Center