North Carolina Attorney General Josh Stein said Jan. 16 he will allow HCA Healthcare’s acquisition of Mission Health to go through without a legal challenge, according to the Asheville Citizen Times.
The announcement came after a consultant hired by Mr. Stein to review Nashville, Tenn.-based HCA’s purchase of Asheville, N.C.-based Mission deemed the $1.5 billion sale price “fair,” according to WLOS.
Stout reviewed financial statements from Mission and HCA and determined the sale price “is fair, from a financial point of view,” according to WLOS, which cited a letter Stout sent to the attorney general.
A spokesperson for Mission told WLOS the board was pleased with the consultant’s conclusion.
“The board would never have approved any deal that was not fair or that wasn’t in the best interests of our community,” the spokesperson told WLOS. “We are pleased that this has been confirmed, and Mission remains optimistic that the transaction with HCA Healthcare will close at the end of the month.”
In announcing his decision Jan. 16, Mr. Stein said Dogwood Health Trust, the nonprofit foundation that will get money from a sale, has agreed to changes to its board. Under the changes Mr. Stein negotiated, the board must be “fully and fairly representative of Western North Carolina across all dimensions, including ethnic, gender and geographic dimensions,” according to the Asheville Citizen Times, which cited a summary released by the attorney general.
The board must also have no more than five members from any one county by January 2020. By January 2021, the board must have no more than four members from any one county, according to the report.
HCA, one of the nation’s largest for-profit hospital operators, currently does not operate any hospitals in North Carolina. Under the proposed transaction, HCA would use Mission Health as its platform for growth and expansion across the state.