Overview
- The finalized $485 million transaction converts Akron-based Summa Health into a taxable, for-profit subsidiary of Health Assurance Transformation Company, a General Catalyst venture.
- Summa will use the purchase proceeds and its cash to retire roughly $850 million in debt, according to statements from the organizations.
- Proceeds establish the independently governed Trailhead Community Health Foundation of Greater Akron, with at least $30 million in cash and equity required under state conditions.
- Ohio Attorney General Dave Yost’s approval includes a three-year restriction on the sale of equity holdings and 10 years of oversight of HATCo’s commitments, alongside pledges to maintain services and charity care levels.
- HATCo has committed $350 million over five years for technology investments and $200 million over seven years for strategic initiatives, as leaders describe plans to modernize operations and expand access.