Price tag for Crozer-Keystone sale set at $300 million

Price tag for Crozer-Keystone sale set at $300 million
A proposed $300 million acquisition of the Crozer-Keystone Health System is expected to close at the end of the month, according to a petition for approval filed in the Delaware County Orphan’s Court Friday. Crozer-Keystone, a nonprofit corporation, reached a merger agreement with California-based for-profit Prospect Medical Holdings Inc. in January, according to the petition. The merger requires approval from the Orphan’s Court under the Pennsylvania Nonprofits Law before it can close June 30. Prospect, which operates 13 hospitals in California, Texas and Rhode Island, has also pledged at least $200 million in capital improvements for Crozer-Keystone over the next five years and made a commitment to keep all inpatient hospitals open for at least 10 years. The acquisition will also change Crozer-Keystone’s tax status to for-profit, meaning its hospitals and related entities will contribute to local and county tax revenues. County Council Member John McBlain said Crozer owns 53 parcels assessed at more than $175.2 million. Should that valuation remain the same following the sale, the county could see an additional $982,122 in annual tax revenues, he said. But McBlain noted county taxes have been pegged at 5.604 mills for the past three years and school districts typically have much higher tax rates. Any districts with hospitals within their borders could therefore expect significantly more revenue.
Source: Daily Times; 6/8/2016

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