Trinity Health acquires Hartford's Saint Francis, will create nonprofit health system
The deal would link Saint Francis with the Sisters of Providence Health System in Springfield, Mass.
By Sage Ross (Own work) [GFDL or CC BY-SA 3.0], via Wikimedia Commons.
Michigan-based Trinity Health Care on Wednesday said it will acquire Saint Francis Care, a three-hospital system based in Hartford, Connecticut, for an undisclosed sum.
The deal would create a new nonprofit health system in New England, linking Saint Francis with the Sisters of Providence Health System in nearby Springfield, Massachusetts, which was already part of Trinity Health.
Trinity said it would invest $275 million in St. Francis over the next five years, specifically on capital projects that would enhance the benefits the system provides to the community.
Saint Francis CEO Christopher Dadlez will lead the regional ministry for the new health system, and Sisters of Providence CEO Daniel P. Moen will continue to lead in Springfield, as well as contribute to the design of the new combined system.
The deal should close in late 2015.
Saint Francis Care said it will benefit from Trinity's credit rating, freeing up access to funds for major capital projects.
