Wellmont and MSHA began exclusive merger talks last April. The two organizations inked a definitive agreement after a period of due diligence, and the boards of both health systems approved the agreement.
On Tuesday, the organizations announced they had filed applications for a Certificate of Public Advantage in Tennessee and a cooperative agreement in Virginia, according to the Bristol Herald Courier. Once the application is deemed complete, the Tennessee Department of Health will begin a 120-day review period. There is a 150-day review period in Virginia, according to the report. The merger also needs approval from the Federal Trade Commission.
Although few details have been released about the transaction, Wellmont and MSHA officials said the deal would create a new health system with a new name.
More articles on healthcare industry transactions:
5 latest hospital transactions and partnerships
Another hospital deal, another fight between Prime and SEIU
HCA to buy bankrupt Texas hospital
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
