ISHPEMING, Mich. (WWJ/AP) – A 25-bed hospital in Michigan’s Upper Peninsula has been acquired by a Tennessee company.

Bell Hospital in Ishpeming released a statement Friday, saying it’s being sold to LifePoint Hospitals, which has nearly 60 hospitals in 20 states. Bell Chairman Dr. Robert DellAngelo says the deal should improve health care in the Upper Peninsula.

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“We are pleased to have reached this agreement and look forward to taking the next step in the acquisition process,”  DellAngelo said, in a statement. “The due diligence we have conducted since March has confirmed the tremendous benefit this acquisition can offer Bell Hospital’s employees, physicians, patients and community. As part of LifePoint, we will have the resources we need to grow and strengthen our hospital, and help advance healthcare throughout the Upper Peninsula.”

Bell says $1 million will go to a charitable foundation to “support crucial needs in the community.” The hospital didn’t elaborate.

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LifePoint is a publicly traded company based in Brentwood, Tenn. The sale means the nonprofit hospital will become a private business and pay local taxes.

“Our team has been impressed by LifePoint and its ideas for the future of Bell Hospital and healthcare in the Upper Peninsula,” said Floyd Bounds, Bell Hospital CEO. “This acquisition offers great opportunities for our hospital to grow and provide more and better services to our patients. We look forward to the next phase of this process.”

The hospital is named for the late Francis Bell, who was vice president of Cleveland Cliffs Iron Co. The company opened the hospital in 1918 and owned it until 1952.

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