|[August 21, 2014]
Duke LifePoint Signs Definitive Agreement to Acquire Conemaugh Health System
JOHNSTOWN, Pa. --(Business Wire)--
Duke LifePoint Healthcare announced today that it has signed a
definitive agreement to acquire Conemaugh Health System.
The financial terms of the agreement exceed $500 million and include a
commitment by Duke LifePoint to invest $425 million in Conemaugh's
services and facilities over the next 10 years, which will enable West
Central Pennsylvania's largest health system to continue to grow and
meet the evolving needs of its communities for generations to come.
Under the terms of the agreement, Duke LifePoint will acquire Conemaugh
Health System's three hospitals, outpatient centers and Conemaugh
Physician Group practices. Proceeds remaining from the transaction will
be used by a locally governed charitable foundation to fundfuture
programs to meet community needs.
Under the agreement, Duke LifePoint will offer employment to all
Conemaugh Health System employees and will work with Conemaugh leaders
to establish a local board of trustees that includes members of the
local community, local physicians and a representative from Duke.
Subject to the satisfaction of closing conditions set forth in the
definitive agreement, the transaction is expected to be completed by the
first of September.
About Duke LifePoint
Duke LifePoint Healthcare, a joint venture of Duke University Health
System, Inc. and LifePoint Hospitals® (NASDAQ: LPNT), was established to
build a dynamic network of hospitals and health care providers. The
joint venture, which brings together LifePoint's experience in
community-based hospital management and Duke's world-renowned leadership
in clinical service, is strengthening and improving health care delivery
by providing community hospitals the clinical, quality and operational
resources they need to grow and prosper. For additional information,
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