Elizabethtown, Ky.-based Hardin Memorial Health's board of trustees agreed to sign a letter of intent to consolidate with Baptist Health, a nine-hospital system in Louisville, Ky., Aug. 15.
Baptist Health's board of directors previously approved a vote to sign the letter of intent. The institutions will engage in nonbinding negotiations to form a definitive agreement during the next several months.
Under the proposed transaction, Baptist Health would acquire all of HMH's assets — which include Elizabethtown-based Hardin Memorial Hospital and several acute care facilities and ambulatory surgery centers — and would commit "significant capital for reinvestment" into the health system. Baptist Health would also make an additional undisclosed monetary commitment to Hardin County.
Additional details regarding the deal will be released once both organizations officially sign the letter of intent, Baptist Health officials said. The transaction is subject to state and federal regulatory approval.