U of Louisville board signs off on Jewish Hospital acquisition
Posted on: Thursday, August 15, 2019 By: KorchekStaff
The University of Louisville (Ky.) board approved a deal Aug. 14 to take over Jewish Hospital and KentuckyOne Health's other Louisville assets, which include three more hospitals and four outpatient centers, according to local news station WDRB.
Louisville-based KentuckyOne is essentially paying U of L to take over the assets — U of L will receive a net $126 million in the deal, according to the report. Under the agreement, U of L will pay KentuckyOne $10 million for the assets. KentuckyOne will forgive U of L for the $19.7 million it owes for software under a previous arrangement. KentuckyOne will also transfer $76.4 million in working capital to U of L and provide $40 million to U of L over four years, according to the report.
U of L will also receive $10 million from the Jewish Heritage Fund for Excellence and a partially forgivable $50 million loan from the state, according to the report.
The deal is seen as risky because the facilities need millions of dollars of upgrades. The organizations aim to close the deal by Nov. 1, according to the report.
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