Healthcare DIVE November 11, 2024
The deal, along with the health system’s current cash, would eliminate nearly all of Summa’s debt.
Dive Brief:
- General Catalyst released new details on its planned acquisition of Akron, Ohio-based Summa Health on Thursday, roughly one year after the venture capital firm said it was looking to buy a health system.
- General Catalyst’s Health Assurance Transformation business, or HATCo, has signed a definitive agreement to purchase Summa for $485 million. The deal, alongside the health system’s current cash on hand, allows Summa to eliminate $850 million in debt — nearly all the debt the health system currently holds, according to Summa’s most recent financial results.
- HATCo is also pledging to spend $350 million over the first five years...
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