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Latest buyouts done, Steward at 10 hospitals

By Robert Weisman
October 1, 2011

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Steward Health Care System said it has completed the buyouts of Quincy Medical Center and Morton Hospital in Taunton, boosting its network of community hospitals to 10.

The deals had already received approvals from state Attorney General Martha Coakley and the Massachusetts Department of Public Health. The Supreme Judicial Court of Massachusetts also approved the acquisition of Morton. Both hospitals will be converted from nonprofit public charities to for-profit businesses under the Steward umbrella.

Steward, based in Boston, was formed last year to manage the six Catholic hospitals acquired from Caritas Christi Health Care. It has since purchased four more hospitals, including two that are for-profit. Steward is owned by private equity firm Cerberus Capital Management.