UnityPoint Health and Sanford Health have signed a letter of intent to enter into what’s being called a partnership of their organizations.
The health care groups declined interviews about the transaction but an e-mailed statement from Kelby Krabbenhoft, president and CEO of Sanford Health, says “Sanford and UnityPoint are two successful systems intent on controlling our own destiny.”
Kevin Vermeer, president and CEO of UnityPoint Health stated in the release that “We are approaching our discussions very purposefully, with a clear and common vision for success.”
The new yet to be named company would be led by Krabbenhoft, who would serve as president and CEO.
Vermeer would serve as senior executive vice president.
UnityPoint Health would recommend the inaugural chairman of a new governing Board, made up of representatives from both organizations, plus additional unaffiliated members.
With more than $11 billion in operating revenue, the combined company would rank among the top 15 largest nonprofit health systems in the country.
The transaction is subject to various regulatory reviews.
Leaders intend for the transaction to be completed by the end of this year.