Wednesday, October 27, 2010

Vanguard Health Systems will get more time to close acquisition deal

Vanguard Health Systems will have more time to close its acquisition of Detroit Medical Center, whose board on Tuesday voted to extend a purchase agreement through year-end.
The extension would allow the Nashville-based hospital chain more time to complete governmental approvals, the eight-hospital Michigan hospital system said in a statement. The transaction was expected to close by Sunday. Vanguard is yet to get approval from Michigan's attorney general's office for the huge deal.

Detroit Medical is Michigan's largest provider of care to the poor, uninsured and underinsured. Vanguard agreed to pay $417 million and spend $850 million on capital improvements over five years among terms of a sale agreement announced in June.

"All of us are looking forward to completing this process to bring (Detroit Medical Center) into the Vanguard family as soon as possible," said Keith Pitts, vice chairman of Vanguard, in a statement.


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