King of Prussia-based Universal Health Services, which has been the majority owner of George Washington University Hospital for the past 25 years with an 80 percent stake, is now poised to become its sole owner under a new deal with its namesake university, writes Sara Gilgore for the Philadelphia Business Journal.

The hospital and healthcare service provider will purchase the remaining 20 percent interest in the facility from George Washington University for an undisclosed sum.

While this will make UHS the full owner of the hospital, George Washington University’s School of Medicine and Health Sciences and GW Medical Faculty Associates will be maintained, according to the new agreement.

The shift in ownership arrives at a time when hospitals nationwide continue to face financial, operational, and clinical challenges stemming from the COVID-19 pandemic.

“We understand these challenges, and we are committed to being innovative in how we can overcome them and continue to improve and advance health care for our community,” said Kimberly Russo, UHS’ group vice president for the D.C. region and CEO of GWU Hospital.

Read more about Universal Health Services in the Philadelphia Business Journal.