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Board vote set on Novant's $5.3B North Carolina hospital deal: 5 things to know

A state judge blocked a last-minute attempt to stall a vote on Novant Health's $5.3 billion deal to purchase New Hanover Regional Medical Center in Wilmington, N.C., according to The Winston-Salem Journal.

Five things to know:

1. Advocacy group Save Our Hospital filed a lawsuit seeking to stall the vote to gather more public records about the deal. 

2. But Superior Court Judge Phyllis Gorham denied the legal complaint last week, clearing the way for New Hanover Regional Medical Center's board to vote on the agreement Oct. 1, and the New Hanover Board of Commissioners to cast a final vote Oct. 5. 

3. In July, Winston-Salem, N.C.-based Novant Health won a bid to partner with the medical center. It was competing with two other health systems. The vote gave Novant Health the green light to sign a letter of intent to partner with, manage or own the county-run hospital. 

4. Since winning the bid, Novant Health has been working on a definitive agreement.

5. Under the agreement, Novant Health committed to investing more than $5 billion in the medical center. The commitment includes more than $1.5 billion in upfront cash for the medical center and $3.1 billion for various capital projects. Novant said the financial commitment to the New Hanover hospital will ensure support for "information technology and quality initiatives, improvements to existing facilities, new construction and other strategic capital."

Read the full report here

More articles on healthcare industry transactions: 
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FTC urges Texas regulators to block CHS' divestiture of 2 hospitals
Hospital M&A update: 11 recent deals

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