The sale of 164-bed St. Joseph Mercy Port Huron (Mich.) hospital to Ontario, Calif.-based for-profit hospital operator Prime Healthcare Services is under review by the Michigan attorney general's office, according to a Times Herald report.
The review is expected to take four to six months.
The sale must be reviewed "to ensure St. Joseph Mercy Port Huron receives fair market value for its charitable assets," according to the report.
Late year, Ann Arbor, Mich.-based Saint Joseph Mercy Health System — a member of Livonia, Mich.-based Trinity Health — entered into a definitive agreement for the sale.
Under the agreement, Prime Healthcare has agreed to invest $20 million in capital improvements to SJMPH and its operations over a three-year period.
More articles on transactions and valuation issues:
2014: The year of 95 hospital transactions — and more innovative ones at that
Alexian Brothers Health System, Adventist Midwest Health form third-largest system in Illinois
Inova plans center for personalized health