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The Marquette General Health System Board of Trustees announced today that it has signed a definitive agreement for Marquette General to be acquired by Duke LifePoint Healthcare. The agreement is subject to review by the Attorney General of Michigan.
“We are very pleased to have reached this agreement and take the next steps in becoming part of Duke LifePoint,” said Brad Cory, Chair of the Marquette General Health System Board of Trustees. “After completing due diligence and closely examining the potential benefits of a Duke LifePoint acquisition for our hospital and community, our team is more enthusiastic about this partnership than ever. Duke LifePoint will provide Marquette General the resources we need to strengthen our hospital, enhance the services we offer and advance healthcare across the Upper Peninsula.”
Funds from the acquisition transaction will be used to eliminate Marquette General’s debt and fund its pension program. All remaining proceeds will be used to fund a community foundation that will support healthcare organizations and initiatives in the U.P.
Under the terms of the agreement, Duke LifePoint has committed to investing in physician recruitment and capital improvement projects, including a state-of-the-art outpatient surgery center, comprehensive cancer center, private patient rooms, new technology and new IT infrastructure. Duke LifePoint will offer employment to all current Marquette General employees, subject to standard pre-employment screenings, and assume the hospital’s obligations under its contract with the Michigan Nurses Association. Other specific terms of the agreement are not disclosed.
“This acquisition has the potential to be a major milestone in Marquette General’s history,” said Gary Muller, President and CEO of Marquette General. “Duke LifePoint shares our dedication to community involvement, charity care, strong physician relationships and an exceptional work environment. Its leaders are committed to working with us to find ways that we can respond to the evolving healthcare needs in our region.”