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Beaumont inks definitive agreement to acquire Summa Health

Beaumont Health, the largest health system in Michigan, signed a definitive agreement to acquire the neighboring Summa Health, a four-hospital system based in Akron, Ohio, the organizations announced Jan. 6.

Under the agreement, Summa Health will become a subsidiary of the Southfield, Mich.-based system. If the transaction is approved by state and federal regulatory agencies, the acquisition will expand Beaumont's hospital count to 12 and increase total revenue to $6.1 billion. Summa will retain its local board to oversee clinical operations, and its health plan, SummaCare, "will remain an integral part" of the system, according to a press release.

The definitive agreement comes six months after the health systems signed a letter of intent to merge and more than year after Summa Health began looking for a strategic partner.

"Conversations between leaders and staff at both organizations have been going well. We very much look forward to working even more closely together now that we have a definitive agreement in place," Beaumont CEO John Fox said in a press release.

 

More articles on transactions and valuation:

Avera Marshall Medical Center buys Minnesota hospital
ChristianaCare adds 72-bed Maryland hospital to its network
University of Washington Medical Center adds 2nd campus

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