El Segundo, California-based non-profit Verity Health System (Verity) recently agreed to sell four hospitals to KPC Group for $610 million. The offer—which is pending on potential other bidders making better offers—follows news from last summer that the health system had filed for chapter 11 bankruptcy due to financial losses and debt.
The hospitals involved in the transaction include: Seton Medical Center in Daly City; Seton Coastside in Moss Beach; and St. Francis and St. Vincent medical centers in Los Angeles county. Verity is also attempting to complete the sale of two of its other hospitals—O’Connor in San Jose and St. Louise Regional in Gilroy—to Santa Clara county, but the California attorney general is currently attempting to block the transaction. According to statements from Verity leadership, the organization is confident that they have found the right buyer in KPC Group for providing uninterrupted service and operations.
Verity Health System of California, Inc. owns and operates hospitals and medical foundation in northern and southern California. The KPC Group, through its subsidiaries, engages in health care, pharmaceuticals, information technology, education, real estate, architectural and engineering, energy, waste management, infrastructure development, agriculture, and travel businesses worldwide.
This was reported by The Mercury News on January 18, 2019.
Contact Information: Verity Health System, 203 Redwood Shores Parkway, Suite 800, Redwood City, California 94065; (650) 551-6650; Website: www.verity.org
Contact Information: The KPC Group, 6800 Indiana Avenue, Suite 130, Riverside, California 92506; (951) 782-8812; Website: www.thekpcgroup.com