Newark, Ohio-based Licking Memorial Health Systems has facilitated an agreement between Licking Memorial Hospital in Newark and the Medical Center of Newark for the purchase of the assets and real estate on MCN's campus.
In early December, a confidentiality agreement between the organizations was revealed, but the nature of the discussions was unclear.
According to the report, both organizations have agreed in principle upon the financial components and other specifics within the purchase agreement. The deal was based upon an independent appraisal and valuation by outside entities.
Plans for the transition are still being finalized. The transaction is expected to be completed by the end of the year, and MCN will continue operations until the transaction is completed, according to the release.
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In early December, a confidentiality agreement between the organizations was revealed, but the nature of the discussions was unclear.
According to the report, both organizations have agreed in principle upon the financial components and other specifics within the purchase agreement. The deal was based upon an independent appraisal and valuation by outside entities.
Plans for the transition are still being finalized. The transaction is expected to be completed by the end of the year, and MCN will continue operations until the transaction is completed, according to the release.
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