Risant Health, a Washington, D.C., nonprofit formed under Oakland, Calif.-based Kaiser Permanente, signed a definitive agreement June 24 to acquire Greensboro, N.C.-based Cone Health.
Kaiser released more details on Washington, D.C.-based Risant's proposed Cone Health acquisition in an Aug. 27 financial report. Here are three things to know:
- Risant will make a minimum of $1 billion available to Cone Health — inclusive of any Cone internally generated and Risant Health funds — through the fifth anniversary of the closing date. These funds will be used for investments in facilities, health equity and other capital projects.
- Risant will also ensure up to $400 million in funding during the capital commitment period to support Cone's transition, including the initial implementation of Risant's value-based platform.
- Risant will also ensure up to $300 million in funding in the 10 years following the closing date to support Cone Health's growth opportunities.
The transaction is subject to regulatory approval.