TribLIVE

| Business

 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

2 Highmark acquisitions get initial OK

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

'American Coyotes' Series

Traveling by Jeep, boat and foot, Tribune-Review investigative reporter Carl Prine and photojournalist Justin Merriman covered nearly 2,000 miles over two months along the border with Mexico to report on coyotes — the human traffickers who bring illegal immigrants into the United States. Most are Americans working for money and/or drugs. This series reports how their operations have a major impact on life for residents and the environment along the border — and beyond.

Friday, Feb. 15, 2013, 12:01 a.m.
 

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 anixon@tribweb.com.

Add Alex Nixon to your Google+ circles.

Subscribe today! Click here for our subscription offers.

 

 

 


Show commenting policy

Most-Read Business Headlines

  1. ATI to benefit from WTO ruling against China in steel case
  2. Cost-cutting at Kraft Heinz extends to refrigerator
  3. Muni bond funds stressed
  4. GNC to convert more stores to franchises as sales, profits slip
  5. Kennametal expects to consolidate plants as it shrinks manufacturing in continuing streamlining; profit drops
  6. U.S. asks Supreme Court to reinstate convictions of portfolio managers who won on appeal
  7. Economy’s 2Q best since last year
  8. Home rental prices jumped again in June
  9. Range Resources cuts workforce 11%
  10. Post-Gazette offers voluntary buyouts in bid to avoid layoffs
  11. Facebook ready to test giant drone