The Massachusetts Supreme Judicial Court on Friday approved the Atrius-Optum merger, Healthcre Finance reports.
The court approved the transaction with certain stipulations, including that after Atrius causes the net proceeds of the proposed transaction to be transferred to the Atrius Health Equity Foundation and amends its articles of organization to remove its charitable purposes, Atrius will no longer be a public charity under Massachusetts law.
The matter came before the court on the complaint of Atrius Health to approve a transaction involving charitable assets and for a declaratory judgment concerning Atrius’ status as a public charity, according to court records.
Attorney General Maura Healey had already assented to Atrius’ request, pending judicial review.
Atrius Health was no longer financially viable as a public charity. With no other options for Atrius viewed as feasible, its best chance for its long-term survival was the $236 million purchase of Atrius’ charitable assets by Collaborative Care Holdings, dba Optum Care. Read more.
