Feb 1, 2019

Dignity Health, Catholic Health Initiatives complete merger

A hospital owned by Catholic Health Initiatives in Colorado. Photo: Craig F. Walker/The Denver Post via Getty Images

Dignity Health and Catholic Health Initiatives officially merged Friday under the new hospital system name CommonSpirit Health, after roughly 2.5 years of negotiations.

The big picture: The organization, which passed reviews from antitrust regulators and Catholic Church leaders, is now one of the largest not-for-profit health systems, with 142 hospitals, 25,000 physicians and $29 billion in annual revenue. However, CHI is still struggling financially, recording $870 million in operating losses over its past two fiscal years. And research suggests the merger won't save a lot on routine costs.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.