Prime Healthcare has entered into an asset purchase agreement with Ascension for the sale of four senior living facilities (as well as nine hospitals) in Illinois. Upon completion, this acquisition will be the largest in the history of Prime Healthcare and the Prime Healthcare Foundation, a 501(c)(3) public charity.
The transaction includes the following senior living communities currently operated by Ascension: Fox Knoll Village (Aurora), Villa Franciscan Place (Joliet), Heritage Village/Heritage Lodge (Kankakee) and Resurrection Place (Park Ridge).
As part of the acquisition, Prime is committed to investing $250 million in facility upgrades, capital improvements, substantial technology investments and system upgrades. Prime has all available funding and no debt will be put on the hospitals to complete this transaction. Additionally, Prime agreed to make offers of employment to substantially all associates.
The hospitals and facilities will join Prime’s national health system that currently includes 44 hospitals and more than 300 outpatient locations. The transaction is expected to close within the first quarter of 2025, subject to standard regulatory and canonical approvals. Until that time, Prime and the included Ascension Illinois facilities will continue to operate independently under a consulting agreement between the two organizations.
