The Pallottine Missionary Sisters announced today that they have received approval from the Vatican for St. Mary's Medical Center's (SMMC) acquisition by Cabell Huntington Hospital, Inc. (CHH).
Vatican approval is required to adhere to the requirements of church law and permits the transaction to proceed. "The Vatican approved the transaction with the understanding that the values and mission established by the Pallottine Sisters will continue at St. Mary's Medical Center after the transaction is complete," said Sister Mary Grace Barile, the provincial of the Pallottine Missionary Sisters, "The Sisters are pleased to transfer sponsorship to Cabell Huntington Hospital through an agreement that will allow St. Mary's to remain a Catholic-affiliated healthcare facility and maintain its name."
Cabell Huntington Hospital signed a definitive agreement with Pallottine Health Services, Inc., to acquire St. Mary's Medical Center in November 2014.
"On behalf the Cabell Huntington Hospital Board of Directors, we thank all of the citizens, businesses, community organizations and local governmental agencies who have supported the transaction throughout the process," stated Kevin Yingling, MD, Chairman, CHH Board of Directors. "We look forward to working with our community supporters in unifying the two hospitals into a single system that will improve health care for generations to come."
"The approval from Rome confirms our belief that the combined CHH and SMMC will create an excellent hospital system that moves healthcare in our region to a new level," stated Kevin N. Fowler, CHH President and Chief Executive Officer. "After nearly four years, we are able to move forward with the final steps to complete the acquisition process."
"It's been a long, arduous process and now that we have Vatican approval, the remaining steps for the consummation of the transaction are completing financing and closing the purchase which we anticipate will occur by the end of April," said Monte Ward, CHH Chief Acquisition and Financial Officer. "I'm incredibly grateful to the business community for their unwavering support."
"We are pleased to announce the Church's approval of the Sister's request to transfer sponsorship of SMMC to CHH," stated Michael Sellards, President and Chief Executive Officer, SMMC. "This acquisition will benefit the community in many different ways."