Here are four things to know about the deal.
1. The University of Michigan board of regents approved the proposed affiliation and joint venture agreements Thursday. The board of Livonia, Mich.-based Trinity Health, which owns SJMHS, had previously approved the agreements.
2. SJMHS will provide leadership, nurses and staff, and will continue to oversee operations at the 133-bed hospital.
3. All St. Joseph Mercy Chelsea staff will remain SJMHS employees, and no staff reductions are scheduled to take place. The hospital will also maintain its Catholic identity.
4. Michigan Medicine and SJMHS signed a letter of intent to enter into discussions in March 2017. Trinity Health and Michigan Medicine have maintained a master affiliation agreement since 2012.
More articles on transactions and valuations:
Presence Health inks definitive agreement to join Ascension
Greenville legislators introduce bill to sell Greenville Health System
State gives unanimous final approval for proposed Partners, Mass. Eye and Ear acquisition
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.