LifePoint Hospitals to Acquire Tennessee's Sumner Regional Health Systems for $145M
LifePoint Hospitals has agreed to acquire Gallatin, Tenn.-based Sumner Regional Health System for $145 million, according to a report by the Nashville Business Journal.As part of the deal, LifePoint will invest $60-million in capital spending for the ailing four-hospital system over the next 10 years and pledged to offer a merit increase to employee salaries of 2.5 percent, according to the report.
Sumner Regional filed for bankruptcy last week. According to bankruptcy documents cited in the report, Sumner has assets of $212.7 million and owes $180.7 million in outstanding debt.
Sumner Regional reportedly received 10 bids to acquire the system, which is comprised of flagship 155-bed Sumner Regional Medical Center and three other facilities.
Read the Nashville Business Journal's report on Sumner Regional Health Systems.
Read the LifePoint Hospitals release on the Sumner Regional acquisition.
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