ChristianaCare to buy Crozer Health as part of a major expansion bid in Pennsylvania first appeared in the Philadelphia Business Journal.

ChistianaCare has signed a letter of intent to acquire Crozer Health from Prospect Medical Holdings.

The deal, if completed, will significantly expand the footprint of the Delaware-based healthcare system in Pennsylvania. ChristianaCare already has a presence in Delaware County with its Concord Health Center, which opened in Chadds Ford in 2014.

“Our mission statement begins with the fact that we serve our neighbors, and the people who live in Delco are our neighbors,” Dr. Janice Nevin, CEO of ChristianaCare, told The Business Journal. “We think [the proposed acquisition] will result in more equitable access to care and better health for Delaware County residents. … We welcome this opportunity to explore a closer relationship with an organization that shares our commitment to value and community service.”

Nevin said ChristianaCare became involved in Crozer Health discussions several months ago after Prospect Medical issued a request for proposals from parties interested in the Delaware County health system last year.

“We know our future, and the sustainability of that future depends on growth and we have grown in recent years,” she said. “That’s the value we see with this [proposed Crozer deal].”

The agreement covers Crozer’s four hospitals and related businesses, real estate assets, Crozer Health Medical Group and its related assets, as well as the health system’s outpatient centers, medical office buildings, medical clinics and services. auxiliary outpatients.

Crozer Health is the parent company of Crozer-Chester Medical Center in Upland, Delaware County Memorial Hospital in Drexel Hill, Springfield Hospital in Springfield and Taylor Hospital in Ridley Park.

The agreement is subject to customary regulatory approvals. The financial conditions are still being finalized.

The two organizations said they would spend the next few months deepening their due diligence and negotiating final details. They are targeting the end of the second quarter to have a definitive agreement in place, which would allow the sale to potentially close in the second half of 2022.

ChristianaCare, if the deal goes through, intends to restore Crozer Health, which has about 4,000 employees, to nonprofit status.

Learn more about the Philadelphia Business Journal