The Elizabethtown, Ky.-based Hardin Memorial Hospital board of trustees voted May 22 to approve the health system's sale to Louisville, Ky.-based Baptist Health.
Here are four things to know about the acquisition.
1. Approval by HMH's board of trustees represented the final approval necessary to complete the $361.4 million deal, which the organizations announced earlier this month. Baptist Health's board of directors previously approved the asset purchase agreement.
2. Under the terms of the agreement, Baptist Health will acquire HMH's assets and commit $235 million to the health system over a 10-year period. Baptist will also assume HMH's $37 million in debt obligations and offer employment to all non-contract employees.
3. HMH President and CEO Dennis Johnson, as well as other members of the health system's leadership, will remain in their positions. An administrative team of 11 people will also oversee the hospital.
4. Officials expect to finalize the sale Dec. 1.