University of Chicago Medicine and AdventHealth have inked a definitive agreement to enter into an affiliation.
Under the agreement, UChicago Medicine will acquire a controlling interest in AdventHealth's Great Lakes Region, which includes four Illinois hospitals, and AdventHealth will retain the remaining interest and manage daily operations of the facilities.
"Joining UChicago Medicine will allow us to further our mission and enhance our ability to deliver high-quality, whole-person care to more people in the communities served in the greater Chicago area," AdventHealth President and CEO Terry Shaw said in a Sept. 13 news release.
The proposed transaction requires regulatory approvals. Altamonte Springs, Fla.-based AdventHealth and UChicago Medicine said the transaction is expected to close at the end of this year or in early 2023.
The four Illinois hospitals that make up AdventHealth's Great Lakes Region are in Bolingbrook, Glendale Heights, Hinsdale and LaGrange.
"We are excited to be in a position to offer enhanced services to patients who live in the western suburbs by bringing UChicago Medicine's clinical innovations and highly specialized care to the Great Lakes Region hospitals while maintaining AdventHealth's historical commitment to convenient access to high-quality, community-based care," Tom Jackiewicz, president of the University of Chicago Medical Center and COO of UChicago Medicine, said in the news release.