US-based healthcare network Prime Healthcare Foundation has signed an agreement to acquire Central Maine Healthcare (CMH), becoming its sole corporate member and parent company.
The deal is expected to close by the end of this year subject to regulatory approvals.
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It will integrate CMH’s network, including Bridgton Hospital, Central Maine Medical Center, Rumford Hospital and more than 40 physician practices, into Prime Healthcare Foundation’s national health system.
Prime Healthcare Foundation currently operates 14 not-for-profit hospitals across six US states, with its reach due to expand through this acquisition.
CMH Board chairman Devore Culver said: “Prime Healthcare Foundation was selected to steward these hospitals and care sites into the future after a thorough evaluation of the system’s mission, vision, and values, and a review of Prime’s success investing in hospitals to improve healthcare, especially in vulnerable communities.
“The board of directors could not be more pleased to have found a partner like Prime Healthcare Foundation, and we see a secure, more vibrant future for healthcare in central Maine.”
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By GlobalDataIn this acquisition, all CMH facilities will retain their existing names and local leadership.
Prime Healthcare Foundation will invest a total of $150m in CMH facilities over the next five years.
The healthcare network said it is committed to continuing and enhancing services based on community needs and maintaining charity care and community benefit programmes.
The inclusion of CMH’s facilities will bolster the Healthcare Foundation’s existing network, which comprises 44 hospitals and more than 300 outpatient locations, employing nearly 45,000 individuals.
Until the deal is finalised, Prime Healthcare and CMH will operate independently, although a consulting agreement will be in place to ensure stability and ongoing care.
The consulting arrangement is designed to facilitate a smooth transition and maintain a high standard of patient care.
