Bucks County’s StoneBridge Healthcare has been interested in purchasing Tower Health for a while, but so far, no deal has been made, writes John George for Philadelphia Business Journal.

In another attempt to be involved in the sale of the health system that includes Pottstown Hospital in western Montgomery County, StoneBridge may be entering into a management contract with a nonprofit organization interested in acquiring Tower Health.

The nonprofit WoodBridge Inc. is expected to send Tower Health a non-binding agreement for the purchase of all of Tower’s assets for $706 million.

The deal will include a cash payment of $550 million and the assumption of finance leases amounting to $156 million.

WoodBridge said it plans to hire the majority of Tower’s 11,000 employees.

Joshua Nemzoff, founder and CEO of StoneBridge said that under the management agreement, StoneBridge would operate Tower’s hospitals for WoodBridge.

He added that WoodBridge is not interested in acquiring St. Christopher’s Hospital in Philadelphia, just Reading, Pottstown, and Phoenixville hospitals.

Tower Health told Philadelphia Business Journal on Monday that the health system was unaware of any unsolicited bids for its hospitals.

While the health system has been struggling with large operating losses, it has opted to remain independent so far.

Read more about Tower Health and any potential sales in the Philadelphia Business Journal.

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