Cooper University Health Care and Cape Regional Health System signed a definitive agreement Tuesday outlining the terms of their merger.
Details of the deal were not mentioned in the announcement by the entities, but a news release disclosed that it took, “two months of due diligence review and work,” to come to terms.
George Norcross III, chairman of Cooper University Health Care’s Board of Trustees, called the signing a milestone.
“I know that together, we will do great things for the residents and visitors to Cape May County and patients across South Jersey,” Norcross said while thanking those who worked on the agreement.
Norcross’ counterpart for the Cape Regional system, Garry Gilbert, said his company is excited to take their relationship with Cooper, “to the next level.”
“We share the same vision to provide the highest quality health care to our communities,” said Gilbert.
Cooper and Cape Regional announced their merger last December, and is expected to be complete sometime in 2024.
The deal will now go through regulatory reviews that are expected to take a year. It is not known how soon regulators will start looking at the deal.
Officials say the combined entity will have two hospitals with more than 900 beds, 10,000 employees, 130 outpatient or ambulatory locations across eight counties, and six urgent care centers.
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