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Cleveland Clinic to acquire full ownership of Akron General: 5 things to know

Cleveland Clinic is exercising an option to take on full ownership of Akron (Ohio) General Health System after just one year as a minority investor in the system, according to a Crain's Cleveland Business report.

Here are five things to know about the deal.

1. Cleveland Clinic became a minority owner of Akron General in an agreement struck last year. Under the agreement, Cleveland Clinic could exercise the option of fully taking on ownership of Akron General at any point during the six-year affiliation agreement, according to the report.

2. If the deal receives state and federal regulatory approval, the entire Akron General system will become part of Cleveland Clinic within the next few months.

3. Cleveland Clinic CEO Delos "Toby" Cosgrove, MD, said there are "no plans for layoffs" at Akron General at this point, according to the report.

4. Commenting on the deal, Akron General CEO Thomas "Tim" Stover, MD, said, "This is not about sucking patients from Akron, Ohio, up to Cleveland. This is about bringing the incredible expertise and resources of the Cleveland Clinic to the primary service area of Akron General."

5. Cleveland Clinic hasn't yet determined whether Akron General will keep its current branding after the deal is closed.

More articles on healthcare industry transactions:

6 recent hospital transactions and partnerships
Bankrupt Maine hospital merges with Mid Coast Health
Lafayette General Health to acquire hospital from HCA

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