The University of Pennsylvania Health System said Monday that it signed a definitive agreement to acquire Princeton HealthCare System, which is anchored by the 305-bed University Medical Center of Princeton at Plainsboro.
The two tax-exempt systems announced a preliminary agreement in July. The deal won't be completed until a regulatory review is done, which can often take more than a year New Jersey.
In 2015, Princeton HealthCare had an operating loss of $736,000 on total revenue of $437 million. It spent $522 million on its new Plainsboro hospital, which opened in 2012.
If approved by regulators, Princeton HealthCare, which employs 2,997 and has 1,099 physicians on its medical staff, will be Penn's third acquisition in recent years. The others were Chester County Health System in 2013 and Lancaster General Health last year.
Penn's health system had $5.7 billion in revenue in the year ended June 30.