View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
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.

Free Report
img

What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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.

Related Companies

Free Report
img

What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. Get important industry news and analysis sent to your inbox
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Hospital Management