The BostonHerald.com is reporting that the long-awaited sale of the Caritas Christi Health Care sysytem – formerly owned by the Archdiocese of Boston – to Cerberus Capital management  has been completed. The sale was dependent – among other things – on the approval of Attorney General Martha Coakley, licensure of the six hospitals in the system and approval of the Massachusetts Supreme Judical Court. This transaction tranfers the assets of a non-profit entity to a for-profit entity. All the necessary approvals were granted though with some restrictions.

New York private-equity firm Cerberus Capital Management has closed its $895 million purchase of Caritas Christi Health Care.

The finalization of the deal, which transforms the struggling six-hospital chain to a for-profit business under Cerberus affiliate Steward Health Care System, follows the final regulatory approval received from the state’s Supreme Judicial Court on Oct. 29.

“Cerberus is proud to be associated with Caritas Christi,” W. Brett Ingersoll, director of Steward and co-head of private equity at Cerberus, said in a statement. “Its health-care model promises a bright future for the system. We look forward to working with Caritas’ outstanding management team to build a community-based health-care model that will thrive for many years to come.”

Read the full article on-line here.

The Globe also has the story with a comment from Ralph de la Torre – Chief Executive of the Caritas Christi system who will continue this role under the Cerberus – Steward Health Care system:

In a statement, de la Torre said: “We owe a debt of gratitude to our employees, the communities Caritas Christi Health Care System serves, the Archdiocese of Boston and to the state of Massachusetts for their support and approval of this transaction. With the purchase of Caritas Christi, Steward Health Care System will become a model for high-quality, low-cost, community-based health care. We look forward to continuing our service to the communities that have put their trust in us.”

Read the full article here at Boston.com.

Note:

Holy Family Hospital in Methuen – serving the communities of the Merrimack Valley – is part of the Caritas Christi Health Care system.