The Federal Trade Commission has granted antitrust clearance to the acquisition of Sumner Regional Health Systems, Gallatin, Tenn., by LifePoint Hospitals, Brentwood, Tenn. The Sumner system filed for Chapter 11 protection in U.S. Bankruptcy Court in Nashville on April 30. The asset purchase agreement, submitted to the court as part of the bankruptcy, indicates that LifePoint has agreed to pay $154.1 million in cash and commit to at least $60 million in capital spending on the system's four hospitals.
FTC grants LifePoint antitrust clearance to acquisition
An auction for qualified bidders is scheduled for June 14 at an office in Nashville, court records show. The auction's results will be confirmed at a hearing the following day at the Nashville federal bankruptcy court. Should another bidder prevail, LifePoint would receive a $2.5 million break-up fee and reimbursement of costs up to $1 million, court records show.
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