Duke LifePoint Healthcare acquired Marquette General Hospital, a federally designated Regional Referral Center for Michigan's Upper Peninsula. This was the second transaction involving the transfer of a not-for-profit hospital to a for-profit entity in the history of Michigan.
Waller acted as lead counsel to Duke LifePoint. The transaction required approval by the Attorney General of Michigan, which necessitated numerous meetings with the Attorney General, public meetings with the Marquette community, and preparation and negotiation of documents over a six-month period to complete the conversion process. In addition, Waller provided assistance with the transfer of approximately 70 properties; the purchase of interests in the Upper Peninsula Health Plan, Inc. and the Upper Peninsula Managed Care, LLC, health insurance companies, which also required approval by the Office of Financial Insurance and Regulations; the transfer of approximately 125 healthcare licenses and permits; the discharge and release of Hospital Revenue Bonds to the value of $43 million; and the purchase of assets including the Marquette General Hospital, Inc. Retirement Plan.
For more information, see media coverage here.
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