Duke LifePoint Healthcare has completed its previously announced acquisition of Wilson (N.C.) Medical Center
The deal, structured as a joint venture
, calls for Duke LifePoint to make a $120 million capital investment in Wilson Medical Center over the next 10 years. Duke LifePoint will own 80% of the venture, with the hospital and the local community owning the remaining 20%. Under the conversion, Wilson will no longer be a tax-exempt entity.
This marks the fifth acquisition for Duke LifePoint
, a joint venture formed in 2011 between Durham, N.C.-based Duke University Health System and publicly traded LifePoint Hospitals, based in Brentwood, Tenn.
As part of the transition, Wilson Medical Center CEO Rick Hudson will retire. Jerry Dooley, a LifePoint executive since 2006, will serve as interim CEO while a national search for a new CEO takes placeFollow Beth Kutscher on Twitter: @MHbkutscher