Peoria based OSF HealthCare has filed a letter of intent to buy Presence Covenant Health Center in Urbana, and Presence United Samaritans Medical Center in Danville from Presence Health.

The deal is being finalized by both parties, and when the deal is done the companies will seek regulatory approval of the deal. The transaction is expected to close in early 2018.

In a statement, Presence Health CEO Mike Englehart says that the values of both companies align well:

“For a long time, we have respected OSF HealthCare’s integrity and commitment to their Catholic health care mission, one that closely aligns with Presence Health’s. We also know OSF HealthCare will transition the associates and physicians in a fair manner and maintain continuity in providing high quality patient care…The extensive network of OSF HealthCare hospitals and outpatient services throughout the region positions it well to serve the Urbana and Danville communities.

Englehart also said that the deal will allow Presence to focus on its operations in Northern Illinois.

OSF’s Chairperson of the Board of Directors, Sister Judith Ann Duvall also said in the same statement:

“This summer marks 140 years since the founding of our health care Ministry, built on the promise to serve with the greatest care and love. I can think of no more joyous way to celebrate the occasion than by extending the OSF HealthCare mission to Urbana and Danville,” said Sister Judith Ann Duvall, O.S.F., chairperson of the OSF HealthCare board. “This transfer of ownership ensures high-quality Catholic hospital services will continue in these communities we have been called to serve.”

The transaction will add 380 beds, and over 1,250 employees to OSF HealthCare’s network.