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June 3, 2021updated 24 Jun 2021 3:15pm

Sentara Healthcare and Cone Health drop merger plans

Boards of Sentara and Cone Health mutually agreed to end affiliation plans last week.

Non-profit health systems Sentara Healthcare and Cone Health have abandoned their plans for a merger first announced in August last year.

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Sentara and Cone Health were working to complete the merger earlier this year.

However, the organisations’ boards mutually agreed to end affiliation plans last week after concluding that their communities and key stakeholders need their respective support and commitments.

The merged entity would have had combined annual revenue of approximately $11bn, with a total of 17 hospitals in Virginia and North Carolina.

Sentara Healthcare president and CEO Howard Kern said: “Sentara and Cone Health remain aligned and in agreement that our first priority is to those we serve, and we believe this will be better done as independent organisations.”

Sentara operates 12 hospitals in Virginia and Northeastern North Carolina. Apart from numerous care sites, its network includes about 1,200 physicians and advanced practice clinicians, and 30,000 team members.

With five hospitals in North Carolina, Cone Health employs more than 13,000 staff, including approximately 600 physicians and advanced practice providers. It runs nearly 100 sites of care.

Cone Health CEO Terry Akin said: “Recently, in the final analysis, we mutually decided that we can best serve our communities by remaining independent organisations.

“We have developed a high regard for the excellent services and outcomes Sentara delivers, and we expect both our organisations to continue to advance our common goals of providing outstanding care for our respective communities.”

In a separate development, non-profit health system AdventHealth has formed a joint venture with USPI to acquire Tampa Outpatient Surgical Center for an undisclosed amount.

AdventHealth Surgery Center Wellswood owns and manages the acquired centre now.

Last month, AdventHealth agreed to acquire the 230-bed Redmond Regional Medical Center from HCA Healthcare for $635m.

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Free Report
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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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