The Globe is reporting on BusinessUpdates that Steward Health Care Systems announced this morning that they have a letter of intent to purchase yet another hospital in the Merrimack Valley. Saints Medical Center in Lowell seems to find Steward “a good fit” for the hospital’s “mission, vision and values” according to CEO Stephen Guimond.
Steward Health Care System this morning unveiled its second deal in the past four days to acquire an eastern Massachusetts hospital, saying it has a letter of intent to buy Saints Medical Center in Lowell.
Saints is a 157-bed Catholic community hospital formed through the merger of two separate local hospitals in the late 1990s. Under the letter of intent, it will retain its Catholic identity as it affiliates with Steward, which runs six other Catholic hospitals in the state, including St. Elizabeth’s Medical Center and Carney Hospital in Boston…
This news while not a surprise after rumors on the street last week, will certainly evoke more talk, more contoversy and more editorial comment. Again as with the purchase of the non-profit Caritas Health Care system with six hospitals including Holy Family in Methuen, the deal needs serious vetting by Attorney General Martha Coakley, the Mass Department of Health and Massachusetts State Supreme Court. All are required to do due diligence on behalf of the community and the stakeholders. Stay tuned.
Read the full article by Globe staffer Robert Weisman here at Boston.com.
Lowell Sun City Editor Chris Scott has the story here at the lowellsun.com.