Duke Lifepoint's $483M Acquisition of Marquette General Approved
approved the $483 million sale of non-profit Marquette (Mich.) General Hospital to for-profit Duke Lifepoint in Brentwood, Tenn.
The sale allows Marquette General to pay off its liabilities, including more than $100 million in long-term debts and unfunded pensions; provides $23 million to the Marquette General Foundation, which will be renamed Superior Health Foundation; and provides hundreds of millions for hospital projects over the next 10 years, such as recruiting physicians, preserving core services and improving quality.
Mr. Schuette's approval comes with a couple of provisions, including that Duke Lifepoint pay an additional $8 million to Superior Health Foundation, which brings it to the $23 million total, and that Duke LifePoint provide Superior Health with detailed reports regarding hospital operations for at least 10 years. In addition, Mr. Schuette is requiring both hospitals to recognize his continuing authority to enforce the terms of the sale. He will designate a board member to the Superior Health Foundation to enforce this authority, according to the release.
More Articles on Hospital Acquisitions:Westerly Hospital's $69M Sale to Lawrence & Memorial Approved
Prime Healthcare to Buy Lower Bucks Hospital in Pennsylvania
Memorial Health System to Join University of Colorado Health
© Copyright ASC COMMUNICATIONS 2014. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.
New from Becker's Hospital Review