Wed 06/15/2022 15:39 PM
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Relevant Document:
Notice

Tower Health disclosed in a notice posted to EMMA today that on Tuesday, June 14, the company signed a definitive agreement with ChristianaCare for ChristianaCare to acquire the former Jennersville Hospital campus in West Grove, Pa. The purchase will include the hospital, Tower Health’s interest in two office buildings and an additional 24-acre parcel of land, according to a press release issued by ChristianaCare. The transaction is expected to close within 30 to 60 days. The EMMA filing and the corresponding press release do not include any financial details of the contemplated transaction.

The Jennersville hospital was previously going to be sold pursuant to an agreement between Tower Health and Canyon Atlantic Partners. However, Tower Health announced on Dec. 9, 2021, that it had terminated the agreement, explaining that Canyon had “ultimately not demonstrated the necessary regulatory and operational preparedness, nor validated its financial ability, to complete this transaction and operate” the hospitals that were the subject of the agreement. On Feb. 14, a Pennsylvania state court voided Tower Health’s termination of the contract to sell the Brandywine and Jennersville hospitals to Canyon Atlantic Partners. After Canyon failed to post the $1 million bond required by the court, Tower Health sought to have the court strike the previously entered preliminary injunction in its entirety, but the court held that Tower’s request was moot following Canyon’s request to discontinue the litigation, according to the state court docket.

ChristianaCare is a nonprofit health system headquartered in Wilmington, Del., “that already serves many residents of southern Chester County.” Earlier this year, ChristianaCare acquired two Tower Health Medical Group practices in the area, according to the notice.
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