Under the definitive agreement, which the boards of directors for both organizations have approved, MSHA will commit $28 million in capital investments to the 140-bed hospital during a five-year period to update its equipment and facilities. Laughlin Memorial will also retain its existing leadership and local board of trustees once the merger is complete.
Officials said aspects of the integration, such as benefits and signage, may not be implemented immediately.
No money will change hands as part of the merger agreement, according to the report.
The deal is subject to state regulatory approval. If approved, Laughlin Memorial will become the 14th hospital under the MSHA umbrella.
The organizations began discussing a potential partnership last November.
More articles on transactions and valuations:
Erlanger, Murphy Medical Center sign letter of intent to explore partnership
Timberlands Hospital faces closure as manager looks to sever ties
OhioHealth donates former hospital to behavioral health organization
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