Fauquier Health in Warrenton, Va., has officially joined Brentwood, Tenn.-based LifePoint Hospitals, as both parties finalized their joint venture agreement.
LifePoint and Fauquier signed a definitive agreement in September after signing the initial memorandum of understanding in March. Under the deal, LifePoint acquired 80 percent of Fauquier, which includes a 97-bed hospital and all other related assets. Fauquier would retain 20 percent ownership.
LifePoint will invest $52.8 million in Fauquier over the next decade for capital investments, such as technology and equipment. The joint venture will also eliminate Fauquier's debt and create a $100 million charitable foundation.
LifePoint now has six hospitals in Virginia: Fauquier, Clinch Valley Medical Center in Richlands, Danville Regional Medical Center in Danville, Memorial Hospital of Martinsville, Twin County Regional Healthcare in Galax and Wythe County Community Hospital in Wytheville.
Last week, LifePoint posted a 71 percent jump in net profit for the third quarter of this year, as well as major increases in revenue and adjusted EBITDA.
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