Boston-based Steward Health Care System has announced it has completed the acquisition of New England Sinai Hospital in Stoughton, Mass.
As part of the acquisition, Steward will commit $34 million in capital to New England Sinai. This will include a commitment to invest $13 million in the physical facility, equipment and information technology over the next five years and a commitment to fund New England Sinai's $10 million pension liability. In addition, all employees in good standing will be offered positions with Steward at current rates of pay and with benefits reflecting their years of services, according to the release. Finally, the New England Sinai board will continue to exist and retain oversight on quality and safety, capital planning and strategy for the hospital.
The transaction has been reviewed and approved by the Massachusetts Department of Health.
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As part of the acquisition, Steward will commit $34 million in capital to New England Sinai. This will include a commitment to invest $13 million in the physical facility, equipment and information technology over the next five years and a commitment to fund New England Sinai's $10 million pension liability. In addition, all employees in good standing will be offered positions with Steward at current rates of pay and with benefits reflecting their years of services, according to the release. Finally, the New England Sinai board will continue to exist and retain oversight on quality and safety, capital planning and strategy for the hospital.
The transaction has been reviewed and approved by the Massachusetts Department of Health.
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