2 Highmark acquisitions get initial OK
Highmark Inc. will close its acquisition of Jefferson Regional Medical Center no later than March 1, the health insurer said Thursday, with approval of the deal by the Allegheny County Orphans Court.
The Orphans Court, which oversees transactions involving nonprofit corporations, also signed off on Highmark's purchase of West Penn Allegheny Health System, Highmark said. The $1.2 billion deal for West Penn Allegheny still requires the approval of the state Insurance Department, which could occur by early April.
“Jefferson Regional will play a leading role in Highmark's continued development as an integrated delivery system that will benefit all of the region's residents with more convenient, more modernized and more affordable, high-quality care,” Highmark CEO William Winkenwerder said in a prepared statement.
Highmark, the state's largest health insurer, is forming a hospital network to compete against UPMC, the dominant health system in Western Pennsylvania.
It announced plans to buy Jefferson Regional, a 373-bed hospital in Jefferson Hills, in June for as much as $375 million. The deal included as much as $100 million in improvements for the hospital and its outpatient center in Bethel Park, a $75 million donation to the hospital's foundation, and a guarantee for Jefferson Regional's debt and pension obligations, valued at about $200 million.
Highmark spokesman Aaron Billger said the insurer expects to soon receive Orphans Court approval to buy St. Vincent Health System in Erie.
Alex Nixon is a staff writer for Trib Total Media. He can be reached at 412-320-7928 or firstname.lastname@example.org.
Add Alex Nixon to your Google+ circles.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Impact fees garner support from state community leaders
- Stocks fall further from record highs
- Sales, profit rebound as American Eagle Outfitters returns to roots
- Oil glut forces producers to seek out more storage tanks
- Few in Westmoreland County opposed to expansion plan for Mariner pipeline
- Profit increases 12% at Dick’s Sporting Goods
- Affordable Care Act penalty can lessen amount of tax return
- JPMorgan tops worst-case list of potential bank failures, Treasury reports
- Western Pa. builders earn top honors for work
- Rue21 adjusts for tough market