Portage Health To Form JV With LifePoint Hospitals - Quick Facts

(RTTNews) - The Portage Health board has agreed to form a joint venture with LifePoint Hospitals (LPNT). The agreement, including $60 million in capital investments over the next 10 years by the new joint venture, would allow Portage Health to expand and enhance its services to better meet the healthcare needs of its communities.

Pursuant to the definitive deal, Portage Health and LifePoint would jointly hold and operate Portage Health and its affiliated assets. LifePoint would own 80 percent of the joint venture, while Portage Health would have a 20 percent stake. Further to the $60 million in capital investments by the joint venture, nearly $40 million would be used to create a locally governed charitable foundation to fund organizations that support crucial community needs.

Under the terms of the agreement, governance of Portage Health would be shared equally between Portage Health and LifePoint to ensure that the community has an active and ongoing voice in the strategic direction of the hospital. An eight-member governing board with equal representation from Portage Health and LifePoint would be established, LifePoint Hospitals said.