Phoenix-based Banner Health has signed an asset purchase agreement to sell Banner Lassen Medical Center in Susanville, Calif., to an affiliate of Brentwood, Tenn.-based Quorum Health.
The transaction is expected to close in December, pending regulatory approvals, according to a June 29 joint news release.
Before the transaction closes, Quorum Health is expected to transition to a nonprofit model and operate as Healthside Partners. The purchasing affiliate will be a nonprofit entity when the transaction is completed.
Quorum Health CEO Chris Harrison will remain in place with Healthside Partners. The organizations said Quorum will offer employment to all active employees who meet its standard hiring criteria at the time of the transition, and Banner Lassen Medical Center will continue normal operations during the ownership change.
Banner Lassen Medical Center provides obstetrics, general surgery, orthopedic surgery, inpatient and outpatient medical imaging, rehabilitation services and emergency care.
Quorum Health operates 11 hospitals across nine states, including one in California.
Becker’s has reached out to confirm financial details of the asset purchase agreement and will update this story if more information becomes available.
