Atrium Health plans to acquire WakeMed in a deal that could bring at least $2 billion in new investment to Wake County, documents filed with Wake County indicate.
County commissioners are expected to vote on a measure Monday that would help pave the way for the sale. Charlotte-based Atrium is one of the nation’s biggest nonprofit healthcare companies. An official announcement is expected Tuesday.
“We are excited to announce this transformational step forward for WakeMed, which supports our ability to deliver on our mission and improve the health and well-being of our community – and beyond – for generations to come,” WakeMed said in a statement.
The Wake County Board of Commissioners has a role in the appointment of members to WakeMed’s board of directors and an interest in some real estate now owned by WakeMed, according to county documents.
Commissioners plan to vote Monday to amend the articles of incorporation for WakeMed — which is needed for any transactions to take place. State law requires commissioners, in conjunction with WakeMed’s board, to approve any amendments to WakeMed articles of incorporation.
Any transaction would likely require further regulatory review, State Treasurer Brad Briner indicated Friday. He said in a statement that he expected the attorney general and the Federal Trade Commission to examine the proposal and what it could mean for North Carolinians.
“There is a simple business principle that when suppliers consolidate and competition is reduced it is the consumers who suffer,” Briner said in a statement. “This has been proven to be true time and again in the health care landscape, where prices continue to rise and patients are left with mounting medical debt.”
Briner added: “If history is any guide, this merger will not benefit the public.”
A spokesperson for Atrium didn’t immediately respond to a request for comment.
This is a developing story. Check back for details.
