MARQUETTE - Marquette General Hospital officials announced today the $483 million transaction has been finalized for the hospital to be acquired by Duke LifePoint Healthcare.
The announcement comes just days after Michigan Attorney General Bill Schuette approved the sale.
MGH officials said in a written statement the acquisition "will strengthen Marquette General for the future, provide resources for it to enhance and expand the services it offers, and help improve healthcare across Michigan's Upper Peninsula."
"Our top priority in selecting a strategic partner for Marquette General was to find an organization that shared our long-term commitment to advancing healthcare throughout the U.P.," said Brad Cory, chairman of the Marquette General Health System Board. "Duke LifePoint is the ideal partner for us. It provides advances in quality, and resources and support that will help us enhance health care delivery in our communities and strengthen Marquette General for the future."
Under terms of the transaction, Duke LifePoint will invest $350 million in capital improvement projects and physician recruitment over the next 10 years. Proposed capital improvement projects include a state-of-the-art outpatient surgery center, comprehensive cancer center, private patient rooms, new technology and new IT infrastructure. Duke LifePoint also has provided funding for Marquette General's charitable foundation, which will be used to improve health care in the greater Marquette community and underserved areas of the U.P.
"This acquisition is an exciting milestone for Marquette General's staff, physicians, patients and communities," said Gary Muller, president and chief executive officer of Marquette General. "As part of Duke LifePoint, we will gain access to clinical and operational resources that will help our hospital thrive in the changing health care environment. We look forward to working with the Duke LifePoint team to find ways to expand our services, support our U.P. partners and better serve our communities."
As part of the acquisition, Marquette General's pension program has been fully funded and Duke LifePoint has assumed the hospital's obligations for all active employees under its contract with the Michigan Nurses Association. Duke LifePoint also will continue relationships Marquette General has established with organizations including Northern Michigan University, Superior Health Partners and Michigan State University.
"Marquette General has been a vital part of the health care infrastructure across the Upper Peninsula for more than 50 years," said LifePoint Chairman and Chief Executive Officer William F. Carpenter III. "We are proud to welcome Marquette General to Duke LifePoint, and we are excited about the opportunity to work together to enhance health care in the U.P. and make this region healthier for generations to come."
Marquette General is the fourth hospital to join Duke LifePoint and is the first hospital in Michigan. Other Duke LifePoint hospitals are Maria Parham Medical Center in Henderson, N.C.; Person Memorial Hospital in Roxboro, N.C.; and Twin County Regional Healthcare in Galax, Va. Duke LifePoint also operates DLP Cardiac Partners.