Vanguard agrees to acquire Holy Cross Hospital in Chicago
Vanguard Health Systems, Nashville, has agreed to acquire a financially ailing Roman Catholic hospital in Chicago, just a few months after it acquired two hospitals in Chicago’s near west suburbs from a Catholic system. Terms were not disclosed. Vanguard and 160-bed Holy Cross Hospital said in a news release the definitive agreement includes provisions that would retain the hospital’s name and Roman Catholic identity, according to the release. The hospital would continue to follow Catholic ethical and religious directives and provide active pastoral care. The hospital’s sponsor, the Sisters of St. Casimir, would have seats on the hospital’s advisory board. The deal requires regulatory approvals, including from state certificate-of-need regulators. Cardinal Francis George, archbishop of Chicago, has already granted permission, according to the release. In August, Vanguard completed its acquisition of two hospitals from Resurrection Health Care, Chicago, for $45.4 million, according to a securities filing.
Holy Cross Hospital will become part of Vanguard in the deal.