Here’s what you need to know about Beaumont Health’s tentative deal to acquire Summa Health:
• A letter of intent has been signed for Akron-based Summa to become a wholly owned subsidiary of Beaumont, a health system based in suburban Detroit with $4.7 billion in annual revenues, eight hospitals and 38,000 employees. Beaumont is Michigan’s biggest health system based on inpatient admissions and patient revenue.
• The Summa name will stay, along with current Summa President and Chief Executive Dr. Cliff Deveny and a local board.
• The deal gives Beaumont an entry into the competitive Northeast Ohio market with Summa’s Akron City, Barberton and St. Thomas hospitals, SummaCare insurance, numerous outpatient facilities, a physician practice, about 7,000 employees and $1.4 billion in annual revenues.
• No money is changing hands between the two parties. However, Summa will get an undisclosed infusion of capital investments from its new parent company.
• The deal is expected to close by the end of the year, pending due diligence and approval from regulatory agencies.