The Memorial University Medical Center in Savannah will soon change ownership.
The parent corporation of the facility agreed on Wednesday night to accept a letter of intent from the Hospital Corporation of America to purchase the hospital’s assets and the Chatham County Hospital Authority at a price of $710 million, according to Savannah Morning News.
Nashville-based HCA is a for-profit health care provider and will have 60 days to complete the deal.
J. Curtis Lewis III, board chairman of Memorial Health, told Savannah Morning News the contract was essentially a sale of the hospital.
Roughly $420 million of the deal will pay off bonds and debts and supply $280 million to fund capital improvements during the next 10 years.
The remaining funds will establish an indigent care trust fund for the Chatham County Hospital Authority.
Additional agreements in the deal include keeping the current names of hospital programs and maintaining essential services, such as trauma care, neonatal ICU and the Mercer University School of Medicine Savannah Campus at the hospital.