RENO, Nev. (AP) - The parent company of Saint Mary's Regional Medical Center signed an agreement Friday to sell the Reno hospital to California-based Prime Healthcare Services.
The Dominican Sisters of San Rafael, the hospital's sponsoring congregation, approved the transaction expected to be finished by June 30.
The financially-struggling hospital was founded in 1908 by the Dominican Sisters of San Rafael.
The hospital's parent company, Dignity Health, says as conditions of the deal, the new owners will maintain current operations and keep "substantially all" of the 1,600 current employees.
The agreement calls for Prime Healthcare Services to invest $20 million in capital in the hospital over the next three years, and to assume health plan contracts, including Saint Mary's Health Plans.
The Ontario, Calif.-based company operates 16 hospitals in California, Texas and Pennsylvania.
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