Orlando Health gets approval to acquired Sebastian River Medical Center and two other Steward Health Care hospitals in a significant healthcare transaction.
The purchase, valued at $439.42 million in cash, was approved by U.S. Bankruptcy Court Judge Christopher Lopez on Tuesday, September 10.
The other two acquired hospitals include Melbourne Regional Medical Center, and Rockledge Regional Medical Center. In addition, Orlando Health purchased certain Steward Medical Group practices in northern Florida.
Judge Lopez expressed his approval of the sale, stating, “This is another step in the right direction. This is a good day for Steward.”
Orlando Health entered into a binding asset purchase agreement with Steward on August 14. The agreement designated Orlando Health as a “stalking horse bidder,” meaning its bid could be subject to higher or better-qualified offers.
However, no such offers were received by the August 26 deadline.
Steward, which filed for Chapter 11 bankruptcy protection in May, announced on August 29 that it had selected Orlando Health as the successful bidder for its Florida hospitals.
This acquisition marks another milestone for Orlando Health as it continues to expand its healthcare services in Florida.
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