Catholic Health Partners looks to acquire minority stake in Akron-based Summa Health System
Deal would help expand CHP's reach in Ohio
Mercy Anderson is one of 22 Ohio hospitals in the Catholic Health Partners network.
Photographer: Ron Fischer/WCPO
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 02/21/2013
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By: Lucy May, WCPO Digital
CINCINNATI - Catholic Health Partners has a tentative deal to acquire a minority stake in Summa Health System, which is based in Akron.
For downtown Cincinnati-based CHP, the deal would help expand its geographic reach in Ohio. The agreement would give added financial stability to Summa, which announced in July that it was looking for a “like-minded, larger nonprofit partner.”
Summa announced in a news release Thursday that its board of directors had approved a letter of intent to create the new partnership with CHP. Financial terms of the deal are still being negotiated and should be completed within mid-year, according to the release.
CHP operates 22 hospitals in Ohio and has more than 33,000 employees in Ohio and Kentucky. The system already serves markets in Youngstown and Lorain on either side of Summa’s Akron market.
Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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