LifePoint Health and RCCH HealthCare Partners have finalized their deal to merge into one company, LifePoint Health.
LifePoint owns three hospitals in Western North Carolina in Haywood, Jackson and Swain counties. The hospitals, which are operated under their partnership with Duke LifePoint, are now a part of the new healthcare system which spans over 85 non-urban communities and 30 states.
Haywood Regional Medical Center, Harris Regional Hospital and Swain Community Hospital were all purchased by for-profit Duke LifePoint back in 2014.
Private equity company Apollo Management group, which owns RCCH Healthcare, ended up paying $65 dollars per share in the buyout. The deal was announced this summer and is valued at approximately $5.6 billion.
“Today marks a historic moment for LifePoint Health and RCCH HealthCare Partners. We are officially one organization dedicated to providing high quality, community-based healthcare, and I am energized by the opportunities we have ahead of us to serve non-urban communities across the country,” said LifePoint CEO David Dill in a press release. Dill became CEO upon completion of the transaction. Four of LifePoint’s top executives received over $67.5 million in stock awards, while the former CEO received $140 million for his stock as a result of the sale.
The three local hospitals also released a statement on the sale reassuring their patients that their quality of care will remain the same.
“While there are great opportunities ahead, much about how our hospital operates today – including our dedication to our patients, employees, physicians, and community – will remain the same, and we do not anticipate any changes in how our patients access our hospital and healthcare providers,” says the statement released by Harris-Swain and Haywood separately.
“We look forward to sharing more about the newly-expanded LifePoint Health as it relates to our community in the future.”