The University of Pennsylvania Health System has signed an agreement to acquire Princeton HealthCare System.Princeton says regulators must still approve the merger.
Princeton has nearly 3,000 employees and more than 1,000 physicians on its medical staff. It is anchored by the University Medical Center of Princeton at Plainsboro, which opened four years ago.
The Philadelphia Inquirer reported Princeton HealthCare had an operating loss last year of more than $700,000 on $437 million total revenue.
Princeton would become Penn’s third acquisition in recent years, if the move is approved, the paper reported.
Princeton President and CEO Barry Rabner said the merger represents the “best means of assuring” that the health system and its affiliates “can continue to fulfill their mission and charitable objectives in the future.”