BOSTON—A private equity firm has agreed to buy a chain of Catholic hospitals in Massachusetts for $830 million in a deal officials say will allow the chain to stabilize finances and make major improvements.
Officials tell The Boston Globe that under New York-based Cerberus Capital Management's purchase of Caritas Christi Health Care, the chain's Boston-based management will stay in place, all 12,000 employees will be retained, and the hospitals will continue to adhere to Catholic teachings.
The sale requires the approval of state courts and government regulators, as well as Boston Archdiocese Cardinal Sean O'Malley.
A Cerberus official calls the deal "a big win."
Caritas, the state's second largest hospital chain, runs hospitals in Boston, Norwood, Fall River, Brockton and Methuen.
Information from: The Boston Globe, http://www.boston.com/globe