Bell Hospital, a 25-bed critical access hospital based in Ishpeming, Mich., has signed a definitive agreement to be acquired by Brentwood, Tenn.-based LifePoint Hospitals.
Under the agreement, LifePoint will provide $5 million in capital investment at Bell Hospital over the next 10 years and $1 million to fund a local charitable foundation. All other acquisition proceeds, which were not disclosed, will be used to pay off Bell Hospital's debt.
The hospital will also become a for-profit, tax-paying entity with access to LifePoint's physician recruiting resources.
Bell Hospital executives have conducted due diligence since March, when the deal was announced. Michigan Attorney General Bill Schuette still must approve the deal.
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