Nashville, Tenn.-based HCA Healthcare entered into a definitive agreement to acquire Asheville, N.C.-based Mission Health for $1.5 billion, the systems announced Aug. 31.
Here are three things to know:
1. Under the agreement, HCA will pay $1.5 billion for Mission Health and its assets, which will continue to operate under the same brand. HCA will maintain all of the system's key clinical services for at least five years, and keep all of its acute care hospitals open and refrain from selling them for at least 10 years.
2. HCA also agreed to commit $430 million over five years in capital expenditures and $25 million to a joint fund with Mission Health to invest in businesses providing healthcare delivery innovations for residents of North Carolina. Mission Health will match HCA's $25 million with an additional $25 million.
3. The proceeds of the sale will be transferred to the newly created Dogwood Health Trust, which will use the funds to improve the health and well-being of local residents.