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Beaumont to acquire Summa Health: 4 things to know

Beaumont Health, an eight-hospital system based in Southfield, Mich., has signed a letter of intent to acquire Summa Health, a four-hospital system based in Akron, Ohio.

Four things to know:

1. Under the proposed deal, Summa Health would maintain local leadership and become a wholly owned subsidiary of Beaumont Health.

2. Summa Health leaders decided to pursue the transaction with Beaumont after conducting a roughly 10-month search for a strategic health system partner. After reviewing responses from several health systems in Ohio, Michigan and other states, Summa leaders decided Beaumont was the best fit.

3. Beaumont Health CEO John Fox said the transaction will benefit patients and employees. "Beaumont Health and Summa Health are already strong and successful healthcare leaders," he said in a press release. "By welcoming Summa into the Beaumont family, both organizations will share expertise, invest in each other and continue to thrive as the industry evolves."

4. The two health systems will enter a period of due diligence and work toward drafting a definitive agreement. They plan to finalize the transaction, which requires regulatory approval, by the end of 2019.

More articles on healthcare industry transactions:

WVU Health System adds 10th hospital
Boca Raton Regional merges with Baptist Health
Sanford Health, UnityPoint to merge: 5 things to know

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