WATERBURY, CT (WFSB) – UConn Health formally submitted a bid to purchase Waterbury Hospital from bankrupt Prospect Medical Holdings.
Gov. Ned Lamont is expected to announce an agreement on Tuesday morning.
Lamont scheduled a news conference for 11:30 a.m. on Tuesday.
The deal involves $13 million in cash and $22 million in assumed debts, according to CT Insider reports.
The total cost of the hospital is expected to reach at least $420 million to nearly $500 million, and is to be paid off over 5 years through bond issues.
Lamont plans to add the bond funding to the agenda for an upcoming special legislative session.
Prospect Medical Holdings filed for bankruptcy in January, sparking heated debates about the future of Waterbury Hospital.
CT Insider found the hospital experienced a 40 percent decline in patient volume in recent years, with two consecutive years of annual operating losses exceeding $20 million.
If the deal goes through, it could more than double the inpatient capacity of UConn’s John Dempsey Hospital, creating what would be called the “Connecticut Healthcare System,” powered by UConn.
The acquisition would transform the face of medical care in Connecticut, officials said.
UConn Health would still need to apply for a certificate of need, a process that typically takes about 60 days, before taking ownership.
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