Becker's Healthcare November 7, 2024
Akron, Ohio-based Summa Health has reached a $485 million definitive agreement to join Health Assurance Transformation Corp., according to a Nov. 7 news release.
Here are seven things to know:
1. The parties shared plans for HATCo to purchase Summa Health in January, with plans to close the deal by the end of 2024.
2. Under the agreement, the $485 million purchase amount will help Summa Health, which will transition into a for-profit structure, pay off $850 million in debt. Summa Health’s remaining cash will fund a new, separately governed community foundation to support community investment in the Akron area.
3. HATCo has committed $350 million of capital funding in the first five years of the acquisition to...
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