The sale of nonprofit Crozer-Keystone Health System to for-profit Prospect Medical Holdings cleared its final regulatory hurdle, as the Delaware County Orphans Court has given a green light to the transaction, writes John George for the Philadelphia Business Journal.

The last step of the sale, which will convert the five hospitals operated by Crozer-Keystone to for-profit status, was the approval of the Orphans Court that has authority over all activities involving nonprofit entities.

Prospect Medical is paying $300 million for Crozer-Keystone, with majority of the funds being used to cover Crozer-Keystone Health System’s current debts and liabilities. If any proceeds remain, they will be transferred to the Crozer-Keystone Community Foundation, a newly formed entity created by the merger of the Crozer-Chester Foundation and the Delco Memorial Foundation.

Judge Chad F. Kenney denied motions by the Upper Darby School District and Upland Borough earlier this week to intervene in the part of the deal that merges the foundations as they both receive services from the foundations being combined.

Read more about the approval in the Philadelphia Business Journal by clicking here.

Read the rest of DELCO Today’s coverage of the sale of Crozer-Keystone by clicking here.