LifePoint Hospitals (NASDAQ:LPNT) is about to become a bigger company thanks to a fresh acquisition. The company announced that it has inked a definitive agreement to buy Michigan's Bell Hospital. The deal obligates LifePoint to provide $5 million in capital investment at the hospital across the next 10 years and to retire its debt. LifePoint will also contribute roughly $1 million to a local charity.
Bell Hospital is an "acute care" facility located in Michigan's Upper Peninsula. It has more than 350 employees and boasts more than 90 physicians on its active and consulting staff.
At the moment, LifePoint operates 57 hospital facilities located in 20 states.
The Bell deal is subject to review by Michigan's attorney general.
Fool contributor Eric Volkman has no position in LifePoint Hospitals. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.