Prime Healthcare Backs Out of $840M Daughters Of Charity Hospitals Deal « CBS Los Angeles

March 10, 2015 9:34 PM

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Prime Healthcare Backs Out of $840M Daughters Of Charity Hospitals Deal « CBS Los Angeles

LOS ANGELES (CBSLA.com) — Prime Healthcare Services Inc. backed out of its proposed $840 million purchase of six Daughters of Charity Health System hospitals, just weeks after state Attorney General Kamala Harris approved the much-debated deal.

Dr. Premm Reddy, founder and chairman of Prime Healthcare, said the conditions imposed on the sale by Harris “are so burdensome and restrictive that it would be impossible for Prime Healthcare — or any buyer — to make the changes needed to operate and save these hospitals.”

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