MultiCare’s $425 million purchase of two Spokane-area hospitals has cleared a hurdle with approval of the deal by the board of Empire Health Foundation, the foundation said Wednesday.
The Tacoma medical-care nonprofit’s purchase agreement of Deaconess Hospital in Spokane and Valley Hospital in Spokane Valley relied on the foundation, which held a right of first refusal on the purchase.
The foundation was created in 2008 when the Deaconess and Valley Medical system were sold to Tennessee-based for-profit Community Health Systems Inc. and had retained control over the hospitals’ future ownership.
MultiCare announced an agreement in November to buy the hospitals along with the Rockwood chain of clinics from Community Health Systems.
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In a news release, Empire Health Foundation President Antony Chiang complimented Multicare’s cooperation with health care providers and charitable organizations.
“We have done extensive due diligence looking at all options and have determined that MultiCare is presently the best option to ensure that the public continues to benefit from the original charitable mission of Deaconess and Valley Hospitals,” Chiang said.