Essentia Health, Duluth, Minn., completed its purchase of Dakota Clinic/Innovis Health, a Fargo, N.D.-based for-profit 22-clinic system that owned a not-for-profit hospital. One clinic chose not to be included in the deal, but the 21 other clinics and the 74-bed hospital are now known as Innovis Health, a not-for-profit subsidiary of 14-hospital Essentia Health.
Terms were not disclosed; however, the credit-rating organization Fitch reported Dec. 8 that Essentiaformerly the Benedictine Health System-St. Marys Duluth Clinic Health System Obligated Grouphad incurred some $144 million in costs associated with the acquisition.
Essentia and Dakota Clinic/Innovis Health had signed a letter of intent on Feb. 1, 2007, to pursue a merger. The stockholders of Dakota Clinic announced Nov. 27 that they had approved the terms of the merger. -- by Andis Robeznieks
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