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Portage Health, LifePoint Agree to Joint Venture

Portage Health in Hancock, Mich., has signed a definitive agreement to form a joint venture with Brentwood, Tenn.-based LifePoint Hospitals.

Under the agreement, Portage and LifePoint will jointly own and operated Portage Health and its assets, with LifePoint assuming 80 percent ownership and Portage having 20 percent ownership.  The agreement includes $60 million in capital investments over the next decade by the new joint venture. On top of that amount, $40 million will be used to establish a locally governed charitable foundation to fund organizations that meet community needs.

Michigan's attorney general must review and approve the definitive agreement in order for it to be finalized.

More Articles on Hospital Joint Ventures:
7 Recent Hospital Transactions and Partnerships
St. Mary's Good Samaritan, Clay County Hospital Sign Preliminary Merger Deal
Connecticut Attorney General Won't Reopen Waterbury, Vanguard Joint Venture Review

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