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LifePoint Hospitals chosen to form joint venture with Watertown Regional Medical Center

The Board of Directors of Watertown (Wis.) Regional Medical Center has chosen Brentwood, Tenn.-based LifePoint Hospitals to form a joint venture partnership, which includes significant capital investments in WRMC.

Although the details of the transaction have not been finalized, LifePoint has indicated it will invest more than $100 million in WRMC. The proceeds of the transaction will be used to create a foundation focused on community health.

In addition, LifePoint is willing to allow equal representation on WRMC's governing board and retain all of the hospital's employees.

"We believe a partnership with LifePoint will only help accelerate our ability to fulfill our vision to build the community health system of the future, focused on keeping people well and designing an ideal patient experience," said Jeff Baum, chairman of the WRMC Board of Directors.

LifPoint was chosen as a partner after WRMC went through an exploration process, which began in May. The two organizations will now begin negotiations toward the development of a letter of intent.

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