By james art The University of Alabama at Birmingham Health System is about four days away from completing its acquisition of St. Vincent.
Friday, Nov. 1, marks the official date of the acquisition — pending final approval, according to a special meeting of the University of Alabama System’s board of trustees on Monday.
UAB President Dr. Ray Watts said this is an important moment “for the future of sustainable health in Alabama.”
He said the acquisition “will improve patient access to a larger network that will create exciting opportunities for our teachers.”
Several resolutions were reviewed and approved, including the financial plan for the acquisition, termination of the partnership agreement of St. Vincent with Ascension and character rebranding.
The amount of financing required to complete the acquisition is $680 million. Lenders include Bank of America, Wells Fargo and Regions Bank.
UAB Health System acquires Ascension St. Hospitals. Vincent for $450 million, as announced in June. For now, patient care or staff jobs will be affected, according to officials.
At a Sept. 25 board meeting, trustees approved a new $380 million records platform for UAB and St. Vincent Hospitals pending the acquisition.
The acquisition of St. Vincent’s includes Birmingham City Center Hospital, St. Vincent’s East and other facilities in St. Clair, Blount and Chilton. The deal also includes physician offices, a separate emergency room in Trussville, the One Nineteen campus and imaging centers.
St Vincent’s Hospital opened as Birmingham’s first hospital in 1898. By the early 1900s half of those treated were receiving charity care, many suffering from smallpox, yellow fever, tuberculosis and industrial accidents. The nuns purchased the first ambulance in the city.
This story will be updated as more information becomes available.