University completes acquisition of KentuckyOne assets

University completes acquisition of KentuckyOne assets
The KentuckyOne Health signs at Louisville's Our Lady of Peace Hospital comes down while new UofL Hospital signs go up. (Source: WAVE 3 News)

LOUISVILLE, Ky. (AP) — The University of Louisville says it has completed its acquisition of the financially ailing Jewish Hospital and several other assets of KentuckyOne Health.

A statement from the university says the transfer of ownership from KentuckyOne's parent company, CommonSpirit Health, to the university's UofL Health affiliate became effective Friday. All the Louisville-area facilities and 5,500 employees are now part of UofL and UofL Health.

State leaders assisted the acquisition by pledging a $50 million loan, half of which would be forgivable if certain conditions are met.

Officials say the transaction will benefit the region's health care and the school's medical training and research programs.

The deal will significantly increase UofL’s footprint in the medical sector of Kentucky’s largest city.