US-based Essent Healthcare has completed the sale of its two Massachusetts hospitals to Steward Health Care System of Boston.

The sale was finalised after the Massachusetts Department of Public Health approved the sale and the transfer of the licenses of Merrimack Valley Hospital and Nashoba Valley Medical Center to Steward on 12 April 2011.

Essent CEO Mike Browder said the main reason to sell the two facilities was related to the challenging healthcare environment in Massachusetts, Businesswire reports.

“The prepayment of debt will afford us the financial flexibility to focus our efforts on our core three hospitals and to look at other communities.” Browder said.