SwedishAmerican Health System, a two-hospital system in Rockford, Ill., and University of Wisconsin Health in Madison have signed a definitive agreement to merge.
Under the agreement, which is pending state and federal regulatory approvals, nonprofit SwedishAmerican will become a part of UW Health.
Through the merger, more resources will be available in Rockford to help provide patients with greater access to medical specialties. Over the next five years, $255 million will be invested in the Rockford market for new clinical care locations, hospital infrastructure and health IT.
Tom Walsh, chairman of SwedishAmerican's board, showed enthusiasm about the merger. "It provides significant new investment in this community and respects the strong history and tradition of SwedishAmerican by maintaining existing leadership and local decision-making, including major sponsorship of important community projects and other nonprofit agencies," he said.
The systems expect the transaction to be finalized by January 2015.
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