LifePoint, Portage Health in Michigan to Form Joint Venture
Hancock, Mich.-based Portage Health has signed a nonbinding letter of intent to form a joint venture with Brentwood, Tenn.-based LifePoint Hospitals.
Under the agreement, Portage Health and LifePoint would share ownership and governance of Portage's 36-bed acute-care hospital, with LifePoint obtaining a majority ownership interest. The news release did not specify what LifePoint's stake would be.
Portage Health and LifePoint will now enter the due diligence and negotiation process, which is expected to take 60 to 90 days. Michigan's attorney general will also have to review the deal before the joint venture can be finalized.
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