Private equity firm General Catalyst is set to acquire Ohio-based Summa Health for $485 million, following a proposed buyout nearly a year ago. The deal, pending regulatory approval, will eliminate Summa's $850 million debt and involve a $550 million investment over seven years to enhance operations and technology.Summa Health will continue its charity care policy and essential services while aiming for growth and improved patient experiences under General Catalyst’s Health Assurance Transformation business.
Akron's Summa Health has agreed to be acquired by venture capital firm HATCo for $485 million, enabling the health system to eliminate $850 million in debt. The transition from a nonprofit to a for-profit entity will support community health investments and enhance care access, while maintaining existing charity care policies. HATCo plans to invest $350 million in capital funding and an additional $200 million for transformative initiatives over the next several years.
General Catalyst's Health Assurance Transformation Corporation (HATCo) has finalized a $485 million agreement to acquire Summa Health, enabling the health system to eliminate $850 million in debt. The deal includes a commitment of $350 million for technology upgrades and $200 million for strategic investments over the next several years. Summa Health will maintain its charity care policy and community services while transitioning to a wholly owned subsidiary of HATCo, aiming to enhance healthcare access and innovation in the Akron region.
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