Detroit News, January 4, 2011
Nashville, TN-based Vanguard Health Systems Inc. and Detroit Medical Center officials plan to make an announcement today on awarding the first $60 million in new construction projects at the DMC. Vanguard completed the acquisition of the eight-hospital DMC on Friday as planned. The final cash purchase price was $368.1 million, which included $4.8 million in transaction costs that were paid at closing. As part of its purchase of the DMC, Vanguard is assuming the DMC's unfunded pension obligations and malpractice liabilities and has committed to investing $500 million in new construction and renovation projects at DMC facilities in the next five years and $350 million in routine capital projects.