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Banner Health inks $200M deal to acquire Wyoming hospital

Wyoming Medical Center in Casper would join Phoenix-based Banner Health under a proposed deal announced July 14 worth more than $200 million. 

The agreement comes less than six months after the hospital signed a letter of intent to explore a deal with Banner, which owns 28 hospitals across six states. Under the proposed agreement, Banner would purchase the hospital, the land it sits on and its equipment from the county for $157 million. Banner would also eliminate roughly $50 million of the hospital's debt. 

Through the asset sale and other contributions from Banner, the agreement would result in more than $220 million going to the hospital's foundation, making it one of the largest philanthropic foundations in Wyoming, according to WMC. 

"The WMC Board of Directors has been clear from the beginning of this process that we would only move forward in joining with another health system if we could find the right organization — one that respects our history and values, understands the importance of local healthcare and local input and is committed to ensuring WMC's success," said Jessica Oden, chair of the WMC board of directors, in a news release. "We've gotten to know Banner through an extensive process and have determined they're the right partner for WMC and for Natrona County."

The agreement requires approval by the WMC board of directors and the board of Natrona County (Wyo.) Commissioners. 

More articles on healthcare industry transactions:
CHS' sale of 480-bed Florida hospital moves forward
NorthShore to acquire Northwest Community Healthcare
St. Luke's acquires 12th Pennsylvania hospital

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