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Prime Healthcare Rescues Los Angeles-Area Hospital

Prime Healthcare has received approval from the U.S. Bankruptcy Court for the Central District of California in Los Angeles to acquire St. Francis Medical Center, a 384-bed health-care facility in Lynwood, Calif. Prime will purchase the Los Angeles-area property from Verity Health System in a $350 million transaction. Per terms of the asset purchase agreement, Prime will pay a $200 million base price for St. Francis and the hospital company will also invest approximately $47 million in capital improvements. The court-supervised transaction is on track to reach completion, pending regulatory review and other closing conditions.