Ohio-based Summa Health has confirmed its acquisition by venture capital firm General Catalyst for $485 million, nearly a year after the initial proposal.

The deal, pending regulatory approval, will see Summa Health, a 1,300-bed health system, operate under General Catalyst’s Health Assurance Transformation business (HATco), which encompasses a network of approximately 20 health systems.

HATco has committed to investing $550 million in Summa Health over the next seven years to enhance routine operations and support technology advancements. The acquisition will also eliminate Summa Health's existing debt of around $850 million.

While specific changes to business operations remain unclear, Summa Health has stated it will uphold its charity care policy, community benefits, and essential services, with a focus on growth and expansion.

Cliff Deveny, M.D., President and CEO of Summa Health, emphasized that the partnership will enhance their capabilities and create new opportunities to improve patient and provider experiences.