Presence Health to sell two hospitals

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Presence Health, the state’s largest Catholic hospital system, plans to sell two of its downstate hospitals to Peoria-based OSF HealthCare.

The two hospital systems announced Tuesday that they’ve signed a letter of intent for OSF to take ownership of Presence Covenant Medical Center in Urbana and Presence United Samaritans Medical Center in Danville. The sale is expected to close during the first quarter of 2018, pending approval by regulators and the Roman Catholic Church.

OSF spokeswoman Shelli Dankoff declined to disclose how much money was changing hands, saying in an email that the “agreement is being finalized.” A Presence spokesman did not immediately respond to a request for more details Tuesday.

Presence has been working on a turnaround after facing a number of challenges in recent years. It reported operating losses of about $40 million for last year.

lschencker@chicagotribune.com

Twitter @lschencker