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Summa Health Sale Closes, Making System a For-Profit Unit of General Catalyst’s HATCo

Ohio’s conditional approval imposes guardrails with long-term oversight.

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.