Prime Healthcare Services and Saint Michael’s Medical Center of Newark, N.J., Sign Binding Asset Purchase Agreement
Critical Step in Preserving Saint Michael’s as Acute Care Hospital
(Newark, N.J.) – Prime Healthcare Services and Saint Michael’s Medical Center announced today they have agreed to and signed an Asset Purchase Agreement. The binding agreement is a critical step forward for Prime Healthcare to finalize its acquisition of the Newark-based medical center. The signing of the APA follows the December 2012 announcement that the two organizations had signed a non-binding Letter of Intent.
The purchase of Saint Michael’s by Prime Healthcare will ensure the medical center remains open and continues its mission to provide excellence in healthcare to the people of Newark and the surrounding communities.
Prime has agreed to maintain Saint Michael’s as an acute care hospital for at least five years and continue to operate the hospital in a manner consistent with the Ethical and Religious Directives that have defined Saint Michael’s. Prime will continue to provide charity care based upon policies that are similar to those that are currently provided by Saint Michael’s and will maintain a local governing board.