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BOSTON -- Caritas Christi Health Care (CCHC) announced Nov. 8 that it has completed its sale to Steward Health Care, an affiliate of New York-based equity firm Cerberus Capital Management. The sale had already been approved by the Massachusetts Supreme Judicial Court, Attorney General and Department of Public Health, as well as the Archdiocese of Boston and the Vatican.
As a result of the sale, the Caritas system will now operate as a for-profit health care chain.
The sale to Steward includes six CCHC hospitals: St. Elizabeth's Medical Center in Brighton, Carney Hospital in Dorchester, Norwood Hospital, Good Samaritan Medical Center in Brockton, Saint Anne's Hospital in Fall River, and Holy Family Hospital in Methuen. Steward has also acquired the assets of other CCHC entities, including the Caritas Physician Network, Caritas Hospice and Home Care, Laboure College, and Por Cristo.
The completed transaction brings approximately $895 million of capital to the Caritas Health Care System to be used for the assumption of pension obligations, repayment of debt, funding for operations and significant capital projects, including immediate upgrades to Caritas' six hospitals.
In a statement issued following the announcement of the completion of the sale, Cardinal Seán P. O'Malley said, "We have consistently pursued the goal of preserving and enhancing Catholic health care for the greater good of the patients Caritas serves. As a result of this transaction, Caritas will have access to much needed capital for its infrastructure and programs, and also its pension obligations, while continuing to provide high quality healthcare, especially for the poor, in accord with Catholic teaching."
The cardinal continued, "Our prayer is that the healing ministry of Christ will endure for all people, particularly those most in need, through the continuation and enhancement of Caritas Christi Health Care."