The board of Detroit Medical Center voted to extend its purchase agreement with Nashville-based Vanguard Health Systems through the end of the year to allow more time to complete governmental approvals.
The 850 million dollar purchase was to have closed Sunday. DMC Chair Steve D’Arcy said government regulators have been “working diligently, but the complexity and size of the transaction have taken more time than expected.”
D’Arcy went on to say “We are absolutely confident this will be completed by the end of the year.”
Meanwhile, DMC and Vanguard have formed a joint venture to move forward wth one of the cornerstone projects of the deal; a five-floor Children’s Specialty Center at 3950 Beaubien in Detroit. Groundbreaking is next Monday, November first, at 11 a.m.
(Copyright 2010 WWJ Newsradio 950. All Rights Reserved)