The nonbinding letter of agreement represents the first step for the two organizations. DHR officials said they hope to sign a definitive agreement by the end of the year.
According to the article, DHR and another hospital system were interested in purchasing Mission Regional and had submitted bids.
Specifics about the bids have not been disclosed and it remains unclear if Mission Regional officials are still considering the competing bids or if DHR won the bidding process.
According to a news release by DHR chairman of the board Carlos Cadenas, DHR will provide Mission Regional with operational expertise through a newly established nonprofit board. Existing Mission employees would continue to work at the facility.
More articles on transactions and valuations:
Rise of the megamerger: 3 ways M&A affected the healthcare industry in 2015
Injunction resolved in Hawaii hospital transition
Answer Health in talks to merge with two local physician groups
