FYI. Updates if necessary: http://www.suntimes.com/business/413...hospitals.html
Loyola University Chicago has signed a letter of intent to sell its hospitals and other health care facilities to a Michigan-based Catholic health system, the university announced Friday.
Loyola would maintain ownership of its medical and nursing schools as well as the boards of both health systems under the agreement with Trinity Health, which must still be approved by state and federal regulators.
Loyola University Medical Center, Gottlieb Memorial Hospital and 28 other clinical care facilities would become part of the Trinity Health system, which already operates 46 hospitals in nine states.
The deal could be finalized by this summer.
Loyola did not disclose the terms of the preliminary agreement, but it would include a $150 million medical research center on the campus of Loyola University Medical Center in Maywood, university president Michael J. Garanzini said in a statement.
The university said its partnership with Trinity had been under discussion for several months.
“After a number of conversations with both local and national Catholic health-care systems, LUC determined a partnership with Trinity Health provides the greatest opportunity to invest in and grow the Loyola University Health System while securing the future of the University’s Stritch School of Medicine and Marcella Niehoff School of Nursing,” Garanzini said.
Loyola University Health System has more than $1 billion in annual revenue.
Trinity Health is the fourth-largest Catholic health system in the country and has more than $7 billion in annual revenue.