Nashville, Tenn.-based HCA Healthcare purchase of Manchester, N.H.-based Catholic Medical Center is complete.
The facility will officially join HCA, effective midnight, Feb. 1, according to a Jan. 31 news release shared with Becker's.
"This combination provides CMC with access to HCA Healthcare's capabilities, scale and resources, which are focused on increasing access and delivering high-quality care for patients close to home," the release said.
HCA and CMC entered into discussions in September 2023. The two parties had signed an asset purchase agreement in early July 2024, when New Hampshire Attorney General John Formella's office began a regulatory review of the $110 million acquisition. The review was then extended in late December to Jan. 9, but was approved on Jan. 6.
Prior to the acquisition, CMC was reported to be on "the brink of bankruptcy," and saw a $45.6 million operating loss in fiscal 2023, with a projected $41.5 million loss for fiscal 2024.
HCA has committed to maintaining CMC's Catholic identity, and has dedicated $200 million in capital infusion over the next 10 years to "help modernize infrastructure and expand clinical services," which include the Manchester, N.H.-based New England Heart and Vascular Institute and the emergency department.
More than $40 million from transaction proceeds will be used to create the Catholic Health Care Foundation of Greater Manchester.