Vanguard Health Systems and Detroit Medical Center have signed a final agreement for Vanguard's purchase of the eight-hospital health system, according to a report by the Detroit Free Press.
Under the final agreement, Vanguard will pay $417 million in cash and will pledge $350 million to fund renovation projects at DMC's facilities. Vanguard also pledged at least $500 million for new construction projects, according to the report.
The deal must now be approved by the Michigan Attorney General and Department of Community Health. The groups hope to finalize the sale by Nov. 1, according to the report.
Read the Detroit Free Press report on the Vanguard acquisition of DMC.
Read previous Becker's coverage on the Vanguard acquisition of DMC.
Detroit Medical Center Delays Decision on Vanguard Buyout
For-Profit Firms Eyeing Non-Profit Hospitals: A Growing Trend?
Vanguard to Buy Eight-Hospital Detroit Medical Center for $417M
Under the final agreement, Vanguard will pay $417 million in cash and will pledge $350 million to fund renovation projects at DMC's facilities. Vanguard also pledged at least $500 million for new construction projects, according to the report.
The deal must now be approved by the Michigan Attorney General and Department of Community Health. The groups hope to finalize the sale by Nov. 1, according to the report.
Read the Detroit Free Press report on the Vanguard acquisition of DMC.
Read previous Becker's coverage on the Vanguard acquisition of DMC.
Detroit Medical Center Delays Decision on Vanguard Buyout
For-Profit Firms Eyeing Non-Profit Hospitals: A Growing Trend?
Vanguard to Buy Eight-Hospital Detroit Medical Center for $417M