Bloomfield, N.J.-based CHA Partners and its parent company, Prospect Medical Holdings signed a letter of intent to acquire Upland, Pa.-based Crozer Health, a spokesperson for the system confirmed to Becker's.
Per the deal, CHA will transfer the four hospitals within the system back to nonprofit status. CHA, a real estate company, owns and operates five other hospitals in New Jersey as well as several ASCs in the region.
"We believe this is a positive step for our physicians, employees and the communities we serve, and will help secure Crozer Health's future as a critical healthcare provider in Delaware County," Crozer CEO Tony Esposito said in a statement shared with Becker's. "Because this is very early in the process and the negotiations are confidential, we are unable to provide any additional information at this time."