Three Suitors Join Forces to Acquire Chestnut Hill Hospital

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hospital exterior
Image via Tower Health.
Chestnut Hill Hospital.

After Trinity Health Mid-Atlantic withdrew its interest in buying Chestnut Hill Hospital in January, three new suitors joined forces to buy the hospital from the financially ailing Tower Health, writes John George for the Philadelphia Business Journal.

The hospital is being acquired by a newly formed entity comprising Temple University Health System, Redeemer Health in Montgomery County, and the Philadelphia College of Osteopathic Medicine.

Temple Health will serve as the managing partner and own 60 percent of the hospital, while Redeemer Health and PCOM will each own 20 percent.

Sue Perrotty, Tower Health CEO, said the deal is expected to finalize in the next three to four months, pending regulatory approval and the approval of Tower Health’s bondholders.

“This is something we have been working on for quite a long time, and there were multiple offers,” said Perrotty. “We’ve been through an awful lot of hard work to get to this point. We thought this was the best offer.”

After the sale, the new owners plan to keep in place the hospital’s current leadership team, led by CEO Dr. John D. Cacciamani.

Read more about Chestnut Hill Hospital in the Philadelphia Business Journal.

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