Florida Hospital in Tampa has signed a letter of intent to acquire Bert Fish Medical Center in New Smyrna Beach, Fla., according to The Daytona Beach News-Journal.
The news comes about one month after the board that oversees Bert Fish Medical Center voted to only engage in partnership discussions with Florida Hospital.
Under the agreement, Florida Hospital would pay $40 million and invest an additional $35 million over the next five years into Bert Fish Medical Center. In addition, Bert Fish's good-standing employees, including executives, would be employed by Florida Hospital "for a reasonable period of time" after the deal closes, according to the report.
As the two hospitals work out the final details of the transaction, a long-term lease or purchase is possible, according to the report.
Joe Benedict, chairman of the Southeast Volusia Hospital District Board of Commissioners, the panel that oversees Bert Fish, told the News-Journal that the process could take six to nine months.
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