West Penn sale detailed
Highmark urged Pennsylvania insurance regulators to approve its takeover of West Penn Allegheny Health System, arguing the acquisition was needed to more permanently “stabilize the situation” at the financially troubled health system.
In a new regulatory filing that disclosed details of a definitive agreement announced Nov. 1, Highmark detailed for regulators how the insurer would provide up to $400 million to the health system.
Highmark said $50 million will be awarded to West Penn Allegheny 180 days after the agreement is executed. Two $100 million loans will follow on April 1, 2013, and one year later.