Providence Hospitals in South Carolina, a provider long operated by the nonprofit Sisters of Charity Health Systems, said it will be acquired by LifePoint Health for an undisclosed sum.
The non-binding agreement that allows the Sisters of Charity Health System and LifePoint to pursue the acquisition of Providence Hospitals on an exclusive basis, Providence announced Tuesday.
Following due diligence, the Sisters of Charity Health System, Providence Hospitals and LifePoint are expected to enter into a binding takeover agreement.
Providence Hospitals would keep its name and continue to operate as a Catholic hospital, which it has since its founding in 1938.
LifePoint Health currently runs hospitals and other healthcare facilities in 20 states and has a growing presence in the Southeast.
Providence began seriously considering a sale late last year so that it could better compete in the healthcare marketplace, according to a report in The State.
The hospital sought interest from potential buyers, and seven responded, according to the report.