Duke LifePoint Healthcare and Maria Parham Medical Center Sign Definitive Agreement

Duke LifePoint Healthcare, a joint venture of Duke University Health System, Inc. and LifePoint Hospitals LPNT, and the board of directors of Maria Parham Medical Center today announced that they have signed a definitive agreement to jointly own and operate MPMC. The transaction is expected to close within the next 60 to 90 days, subject to review and approval by the Attorney General of the State of North Carolina and the satisfaction of other customary closing conditions. Under the terms of the agreement, Duke LifePoint will own 80 percent of the new joint venture. The retained assets of MPMC and the proceeds from the transaction will eliminate MPMC's debt, and the remaining assets - approximately $30 million - will be used to create a locally governed charitable foundation that will fund new programs and services in the community. Duke LifePoint also has committed to investing $45 million in capital improvements at the hospital over the next 10 years.