Cerberus To Buy Boston Hospital Chain

NEW YORK (Reuters) – Private equity firm Cerberus Capital has agreed to buy a Boston-based hospital system called Caritas Christi Health Care in a $830 million deal, which includes funds earmarked for upgrades to CCHC’s hospitals, they said on Thursday.

CCHC, a group of six hospitals, have Catholic identities that will be retained under the deal, which must be approved by the Archbishop of Boston.

The deal also needs the approval of the Massachusetts Attorney General and the Massachusetts Department of Public Health, Cerberus and Caritas Christi said in a joint statement.

The $830 million includes assumption of pension obligations, repayment of debt, and $400 million earmarked for capital projects for immediate upgrades to the hospitals, they said.