LOUISVILLE, Ky. (AP) -- University of Louisville trustees have approved the school's purchase of a financially struggling hospital under a plan that would include a $50 million state loan.
UofL trustees approved the transaction at a meeting on campus Wednesday. The deal will significantly increase UofL's footprint in the medical sector of Kentucky's largest city.
Under the deal, UofL would purchase the greater Louisville market assets of KentuckyOne Health Inc., which includes Jewish Hospital.
The deal includes the promise of state support though a $50 million loan. Half of the loan would be forgivable if job retention and other conditions are met.
Trustees authorized UofL President Neeli Bendapudi to negotiate and finalize the agreement.
Kentucky Gov. Matt Bevin is scheduled to discuss the deal with Bendapudi later in the day.