Providence Hospitals to be bought by LifePoint Health
Providence Hospitals would keep its name and continue to operate as a Catholic hospital.
Image of Providence Hospital from sistersofcharityhealth.org.
Providence Hospitals in South Carolina, a provider long operated by the nonprofit Sisters of Charity Health Systems, said it will be acquired by LifePoint Health for an undisclosed sum.
The non-binding agreement that allows the Sisters of Charity Health System and LifePoint to pursue the acquisition of Providence Hospitals on an exclusive basis, Providence announced Tuesday.
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Following due diligence, the Sisters of Charity Health System, Providence Hospitals and LifePoint are expected to enter into a binding takeover agreement.
Providence Hospitals would keep its name and continue to operate as a Catholic hospital, which it has since its founding in 1938.
LifePoint Health currently runs hospitals and other healthcare facilities in 20 states and has a growing presence in the Southeast.
Providence began seriously considering a sale late last year so that it could better compete in the healthcare marketplace, according to a report in The State.
The hospital sought interest from potential buyers, and seven responded, according to the report.
Twitter: @SusanMorseHFN
