Duke LifePoint Healthcare, the joint venture between Duke University Health System and LifePoint Hospitals has announced it has signed a definitive agreement to acquire Person Memorial Hospital in Roxboro, N.C.
Under the agreement, Duke LifePoint will acquire 110-bed PMH and all of its assets and has committed to investing $15 million in capital improvements at the hospital over the next 10 years. A minimum of $6 million will be spent within the first five years of ownership. Financial terms of the initial acquisition were not disclosed.
Proceeds from the transaction will eliminate the hospital’s debt. A locally governed community foundation will be created to manage and distribute any remaining funds from the acquisition.
The transaction is expected to close within the next 60 to 90 days, subject to approval by the North Carolina attorney general.
"Person Memorial Hospital is an excellent addition to Duke LifePoint," William J. Fulkerson, Jr., MD, executive vice president of Duke University Health System said in a statement. "We, at Duke, have been honored to have a longstanding relationship with PMH, and we look forward to enriching our collaboration through this acquisition and continuing to work with the hospital’s talented staff to improve healthcare delivery in this region."
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Under the agreement, Duke LifePoint will acquire 110-bed PMH and all of its assets and has committed to investing $15 million in capital improvements at the hospital over the next 10 years. A minimum of $6 million will be spent within the first five years of ownership. Financial terms of the initial acquisition were not disclosed.
Proceeds from the transaction will eliminate the hospital’s debt. A locally governed community foundation will be created to manage and distribute any remaining funds from the acquisition.
The transaction is expected to close within the next 60 to 90 days, subject to approval by the North Carolina attorney general.
"Person Memorial Hospital is an excellent addition to Duke LifePoint," William J. Fulkerson, Jr., MD, executive vice president of Duke University Health System said in a statement. "We, at Duke, have been honored to have a longstanding relationship with PMH, and we look forward to enriching our collaboration through this acquisition and continuing to work with the hospital’s talented staff to improve healthcare delivery in this region."
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