Butler (Pa.) Health System and Greensburg, Pa.-based Excela Health System have finalized their merger, creating a five-hospital system that will serve about 750,000 patients.
The definitive agreement and legal documentation was sent to state and federal governments for review on Jan. 1, CBS affiliate KDKA reported. A name has not been announced yet.
The merger has been in the works since June. With 7,300 employees and more than 1,000 practitioners, it is expected to draw $1 billion in revenue.
John Sphon, CEO of Excela Health System, will retire in March, staying on as an adviser for several months before moving to serve the health system as a trustee. Ken DeFurio, who serves as president and CEO of Butler Health System, will lead the newly created system, triblive.com reported Jan. 3. The two plan to share more details in the coming weeks.
"It is important to underscore that a merger process of this magnitude is very complex and requires an approach that is highly thoughtful and diligent," Mr. DeFurio said in a statement. "We can now continue our focus on integrated governance, executive structure and other elements that are key to effective and efficient delivery of care."