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Cleveland Clinic to invest $500M in Florida system after takeover

Cleveland Clinic signed a definitive agreement to integrate Stuart, Fla.-based Martin Health System into the system, the organizations announced Oct. 2.

Here are three things to know:

1. Under the deal, Martin Health System, which comprises three hospitals, a 150-member physician group and a full range of outpatient services, will become a full member of Cleveland Clinic, pending regulatory approval.

2. Cleveland Clinic will invest $500 million over five years into Martin Health System to fund the institution's strategic and capital needs, as well as other programs and services. All Martin Health System employees will also retain their employment and benefits for at least one year from the agreement's finalization.

3. The agreement comes several months after the organizations signed a letter of intent to explore partnership opportunities in March. The organizations initially formed a heart and vascular affiliation in January.

More articles on transactions and valuations:
Ascension inks agreement to sell Connecticut hospital
Is bigger better? Mega mergers return to health systems — 3 thoughts
Baylor, Memorial Hermann to form 68-hospital system

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