CHRISTUS Health, an international, not-for-profit Catholic health system, announced today that its affiliate, CHRISTUS Health Ark-La-Tex, has entered into a binding asset purchase agreement to acquire Wadley Regional Medical Center in Texarkana, Texas, from Dallas-based Steward Health Care.
CHRISTUS Health Ark-La-Tex's bid has been designated as the proposed stalking horse. According to the terms of the agreement, this bid will be subject to higher or better-qualified bids, which are due by September 9, 2024. Following this, an auction may take place under bankruptcy-court approved procedures.
"CHRISTUS Health has a long, proud history of providing exceptional and compassionate care to the Texarkana community for over 100 years," said President and CEO Ernie Sadau. "We want to ensure that legacy of service continues into the next century and are best positioned to do that by bringing Wadley Regional Medical Center into the CHRISTUS family."
The transaction is subject to customary closing conditions, including bankruptcy court and regulatory approval. If CHRISTUS Health Ark-La-Tex emerges as the winning buyer at the auction, the transaction is expected to close in the coming months.
“We have proudly built a reputation of providing high-quality care to all those in need,” said Jason Adams, president of CHRISTUS St. Michael Health System in Texarkana. “We are committed to our mission of extending the healing ministry of Jesus Christ, to ensure that all people, including the underserved, have access to needed care.”