Under the agreement, Atlantic will assume $43 million in debt from the 260-bed hospital’s parent company, Chilton Health Network. Atlantic has also agreed to invest in capital improvements and let the hospital to keep its name, staff and acute-care hospital status.
The transaction will benefit both Atlantic and the hospital through significant clinical and economic efficiencies, expanded outpatient and preventive medicine services, shared best practices and other advantages, according to a news release.
Chilton Health and Atlantic initially announced their plans to merge in October 2012. The organizations signed a definitive merger agreement in May 2013.
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