Under the terms of the agreement, the two organizations will create a jointly owned parent organization called Memorial Regional Health Services. The new organization will oversee Memorial Hospital and Memorial Hospital East, which is currently under construction in Shiloh, Ill.
Memorial Hospital President and CEO Mark Turner will serve as president of Memorial Regional Health Services, according to the report.
The deal is expected to close by early 2016.
More articles on healthcare industry transactions:
Cleveland Clinic takes over Akron General Health System
University Hospitals becomes sole owner of St. John Medical Center
31 hospital transactions and partnerships in October
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