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WESTWOOD, NJ-Hackensack University Medical Center has signed a deal to buy the Pascack Valley Hospital, a 290-bed facility here. After the deal closes, which is expected to occur in early 2007, Pascack Valley will become an affiliate of HUMC, an 800-bed institution affiliated with the University of Medicine and Dentistry of New Jersey.

The deal, which was announced yesterday by Pascack Chairman Donald Genaro and HUMC Chairman Joseph Simunovich, involves no cash, but rather the assumption of debt, reportedly in the $100 million range. The bulk of that is some $80 million in outstanding bond debt, according to the two hospital officials. Pascack Valley Hospital is currently owned by a private foundation affiliated with the Well Care Group Inc.

“The acquisition will result in enhanced clinical offerings,” Simunovich notes in announcing the takeover. Hospital officials also indicate that Pascack Valley, which recently expanded with a new building, will also get some tech and staffing upgrades. The deal still requires the approval of the New Jersey Department of Health, as well as the state attorney general’s office.

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