Vanguard Health Systems, Nashville, said it has signed a definitive agreement to purchase five-hospital Baptist Health System, San Antonio. The deal was announced in June. Under the agreement, Vanguard would pay a total of $295 million to the Baptist system -- $247 million in cash and $48 million in Vanguard equity and subordinated debt. The agreement must be approved by the Baptist General Convention of Texas at its meeting next month, receive federal and state antitrust clearances and be approved by the Texas attorney general, Vanguard said. Two committees of the Baptist convention have recommended approval. Vanguard expects to close the deal by year-end. -- by Vince Galloro
Vanguard, Texas system sign definitive agreement
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