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Banner acquires Colorado hospital

Phoenix-based Banner Health has acquired North Colorado Medical Center in Greeley, which it has operated since 1995.

Under the deal, which closed Oct. 9, Banner paid $328 million to acquire the land, assets and equipment associated with the hospital from Weld County (Colo.), according to an August press release from the county.

A significant portion of the proceeds from the transaction will be used to pay off $209.5 million in existing hospital debt, the press release states.

"Banner Health is committed to supporting the communities that we serve. We look forward [to] making health care easy so life can be better in Northern Colorado," Margo Karsten, CEO of Banner Health in Northern Colorado and president of the Western Division, said in an Oct. 10 release. "That has been our focus in the past and will continue as owners of NCMC."

More articles on healthcare industry transactions:

RWJBarnabas to buy 2 New Jersey hospitals
Healthcare M&A spending tops $51B in Q3
Ascension to sell 2 Wisconsin hospitals

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