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Caritas Christi Sold To NY Firm For Nearly $900M

Caritas Christi Health Care announced on Monday that it had closed on the purchase by Cerberus Capital Management, a New York-based private equity firm.

The statement said senior executives including chief executive Ralph de la Torre would be kept in place.

The deal was previously approved by Massachusetts Attorney General Martha Coakley and a justice of the state's highest court. The approvals were needed because the sale would change Caritas from nonprofit to for-profit status.

The hospitals in Boston, Brockton, Fall River, Methuen and Norwood were run by the Boston archdiocese until 2008.

This program aired on November 8, 2010. The audio for this program is not available.

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