EMHS to invest $115M in Portland-based Mercy
In its proposal to merge with Mercy Health System of Maine, Eastern Maine Healthcare Systems says it plans to invest at least $115 million in the Portland-based hospital.
The Bangor Daily News reported that EMHS would spend at least that amount to consolidate Mercy's two Portland campuses, including its 230-bed hospital on State Street in Portland with its new Fore River campus.
According to a merger application filed with the state, the paper reported, EMHS would also restructure $73 million of Mercy's debt.
The Brewer-based EMHS has offered a $7 million line of credit to Mercy before the merger deal closes, which the Portland hospital could use for operating and capital expenses.
The paper also reported that EMHS's merger application to the state showed that it was just one of seven health care organizations looking to acquire Mercy.
The merger, which won federal approval in March, still awaits a certificate of need from the state and approval from the Vatican, as Mercy is a Catholic hospital
The hospitals plan to make the merger final by Sept. 20.
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