Augusta, Ga.-based University Health Care System's board approved its plan to join Atlanta-based Piedmont Healthcare this week, The Augusta Chronicle reported Sept. 9.
The agreement approved by the board closely mirrors a letter of intent the organizations signed in May.
Under the deal, which still needs approval from the Georgia attorney general and Federal Trade Commission, Piedmont would invest more than $1 billion into University Health, which has three hospitals. The investment would include $200 million to add new floors to its heart and vascular institute, funds to integrate their EHRs and an overhaul of its 50-year-old main hospital building, according to the Chronicle.
Additionally, University Health will become Piedmont's hub for clinical services in the Augusta area. University Health will maintain a local board and local control, University Health CEO Jim Davis said.
Before submitting the deal for review to the Georgia attorney general, University Health must wait for a fair market assessment of the deal that the board must adopt.
While the organizations hoped to close the deal by Dec. 31, Mr. Davis said he expects it to be closer to January or early February, according to the report.