Charlottesville, Va.-based UVA Health signed a letter of intent to acquire full ownership of Novant Health UVA Health System, a three-hospital system based in Northern Virginia.
Currently the health system is jointly owned by Winston-Salem, N.C.-based Novant Health and UVA Health. Novant has a 60 percent ownership stake, and UVA has a 40 percent stake.
Under the proposed deal, UVA Health would acquire Novant's 60 percent stake and have full ownership of all hospitals and outpatient services. The three hospitals are: Novant Health UVA Health System Culpeper (Va.) Medical Center, Novant Health UVA Health System Haymarket (Va.) Medical Center and Novant Health UVA Health System Prince William Medical Center in Manassas, Va.
"Together, Novant Health and UVA Health have determined that having a single owner is the best way to provide exceptional care in the communities that the system serves," said Carl Armato, Novant Health's president and CEO.
The organizations hope to finalize the transaction by July 1.