Senior living community operator and aging services provider Presence Life Connections would become part of Ascension Living under the terms of a nonbinding letter of intent announced Tuesday by their parent organizations.
The deal would link parent companies Ascension, the largest nonprofit health system in the United States and the world’s largest Catholic health system, and Presence Health, the largest Catholic health system in Illinois.
Ascension Living has 25 communities in 10 states and offers levels of care including independent living, assisted living, memory care, rehabilitation and long-term care, according to its website.
Presence Life Connections owns 21 senior living communities and manages three more that offer levels of housing and care including affordable housing, independent living, adult day services, assisted living, memory care, skilled nursing and short-term rehabilitation, according to its website. Two of the communities are in Indiana; the rest are in Illinois. The company also offers home care and hospice services.
Under the terms of the transaction, Chicago-based Presence Health would join St. Louis-based Ascension and become part of AMITA Health, a joint venture of Ascension’s Alexian Brothers Health System and Adventist Midwest Health, which is part of Adventist Health System. Presence Health’s medical centers, outpatient facilities and other sites of care, with the exception of Presence LIfe Connections, would be added to the AMITA Health system.
“We believe this will strengthen Catholic healthcare not only in the region but throughout the country as we are all dedicated to delivering personalized, compassionate care,” Ascension President and CEO Anthony R. Tersigni, EdD, FACHE, said in a statement.
The parties said they expect the letter of intent to lead to a definitive agreement pending detailed legal and financial due diligence along with regulatory and canonical approval.
“We look forward to working together to engage in this joint effort to expand, and continue to deliver, quality care for our patients and residents, as well as provide additional clinical opportunities and patient care resources to all our physicians and associates,” Presence Health President and CEO Michael Englehart said in a statement.