(WILMINGTON, Del. — February 11, 2022) -- Christiana Care Health System, Inc. (ChristianaCare) and Prospect Medical Holdings, Inc. (Prospect) today announced the signing of a Letter of Intent (LOI) for ChristianaCare to acquire Crozer Health from Prospect.
The agreement also includes the hospitals' related businesses, real estate assets, Crozer Health Medical Group and the associated assets, ambulatory centers, medical office buildings, physician clinics and ancillary outpatient services, and it is subject to customary regulatory approvals.
Under the LOI, ChristianaCare is to purchase the assets and operations associated with the following Prospect hospitals:
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Crozer-Chester Medical Center in Upland, Pennsylvania, with 499 certified beds.
Delaware County Memorial Hospital in Drexel Hill, Pennsylvania, with 215 certified beds.
Springfield Hospital in Springfield, Pennsylvania.
Taylor Hospital in Ridley Park, Pennsylvania.
While the executed LOI includes several important terms, the parties will engage in further due diligence and negotiation of a definitive agreement. Definitive agreement execution is targeted for the second quarter 2022 with the potential for closing to occur in the second half of 2022.
Upon closing, ChristianaCare will return Crozer Health, with its approximately 4,000 employees, to nonprofit status as part of ChristianaCare.
The related real estate assets of the Prospect hospitals are to be released from the existing master lease agreement between the real estate owner and Prospect.
"The pandemic has demonstrated the vital importance of working together to meet the clinical needs of the communities we serve," said Kevin M. Spiegel, FACHE, CEO of Crozer Health. "We are excited by the potential to join these two great organizations so that we can continue to provide the high-quality, accessible care that our communities – Delaware County and beyond – rely on."
"ChristianaCare and Crozer Health have been serving the people of Northern Delaware, Southeast Pennsylvania and parts of Maryland and New Jersey as neighbors for many years," said Janice E. Nevin, M.D., MPH, ChristianaCare president and CEO. "We welcome this opportunity to explore a closer relationship with an organization that shares our commitment to value and service to the community."
ChristianaCare and Crozer Health share similar commitments to value and population health, as well as complementary strengths. For example:
