Coakley backs Caritas sale under conditions
Attorney General Martha Coakley says she’ll back the sale of the nonprofit Caritas Christi Health Care System to a private equity firm under conditions that protect the quality of care, and maintain jobs.
Coakley announced Wednesday that after a five-month investigation of the sale of the six hospitals to New York-based Cerberus Capital Management that the restructured deal complies with state law.
The attorney general’s approval was needed because Cerberus wants to make the hospitals for profit.
The restructured deal maintains the jobs of 12,000 current employees, creates up to 4,000 new jobs and ensures $400 million in capital improvements.
Caritas has hospitals in Boston, Norwood, Brockton, Methuen and Fall River.
Cerberus officials did not immediately comment.