Knoxville, Tenn.-based Covenant Health and Morristown (Tenn.)-Hamblen Healthcare System have finalized a merger agreement, according to a report by the Knoxville News Sentinel.
The Federal Trade Commission approved the deal in May and the Tennessee Attorney General signed off earlier this week, according to the report. Covenant and Morristown-Hamblen announced merger plans in April.
As part of the deal, Covenant has agreed to spend $100 million on capital projects and $29.9 million to repay Morristown-Hamblen's bond debt, according to the report.
The acquisition will increase the number of hospitals in the Covenant system to eight.
Read the Knoxville News Sentinel report on the Covenant and Morristown-Hamblen merger.
Read other Becker's coverage on Covenant Health.
Tennessee's Covenant Health and Morristown-Hamblen Healthcare System Announce Merger
The Federal Trade Commission approved the deal in May and the Tennessee Attorney General signed off earlier this week, according to the report. Covenant and Morristown-Hamblen announced merger plans in April.
As part of the deal, Covenant has agreed to spend $100 million on capital projects and $29.9 million to repay Morristown-Hamblen's bond debt, according to the report.
The acquisition will increase the number of hospitals in the Covenant system to eight.
Read the Knoxville News Sentinel report on the Covenant and Morristown-Hamblen merger.
Read other Becker's coverage on Covenant Health.
Tennessee's Covenant Health and Morristown-Hamblen Healthcare System Announce Merger