Final purchase agreement for NRHMC made public

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New Hanover Regional Medical Center (Photo: WWAY)

NEW HANOVER COUNTY, NC (WWAY) — You can now view the agreement detailing Novant Health’s partnership with New Hanover Regional Medical Center.

Novant Health has offered to purchase NHRMC from New Hanover County for $1.5 billion and invest more than $3 billion in growing NHRMC’s services in the area. Novant Health’s proposal was the unanimous choice of a citizen-led Partnership Advisory Group formed in October 2019 to evaluate whether NHRMC should partner with another organization, restructure, and/or remain county owned.

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The New Hanover County Board of Commissioners approved the recommendation and the Letter of Intent July 13, allowing due diligence to move forward and a final agreement to be negotiated.

With the finalization of the agreement, the New Hanover County Board of Commissioners will hold a public hearing on Monday, September 28 at 5 p.m. for the community to comment and share input on the following:

  • The Asset Purchase Agreement (also referred to previously as the “definitive agreement”) between New Hanover County, NHRMC and Novant Health.
  • The draft bylaws for a community foundation and the use of net proceeds (which is included in the Asset Purchase Agreement as “Exhibit C” and referred to previously as “Exhibit D” in the approved Letter of Intent). Note: the draft bylaws will also be discussed by Commissioners at their regular meeting on Monday, September 21 at 9 a.m. and will be revised at the direction of the board.
  • The termination of the lease between the county and NHRMC (if the Asset Purchase Agreement is approved, the current lease agreement between New Hanover County and NHRMC will terminate at closing, because properties and facilities being leased will be sold by the county – making the lease no longer relevant).

The September 28th Public Hearing will be held at the New Hanover County Historic Courthouse, located at 24 North Third Street, in Room 301. The community can attend and share public comments (limited to three minutes per person), with social distancing guidelines followed. In addition, those who prefer not to attend in person can submit a public comment by emailing comments@nhcgov.com. Emailed comments must be submitted by 6 p.m. on September 27, 2020 in order to be made available to the Board of Commissioners prior to the public hearing.

The public hearing will be available to view live on the county’s Facebook pageNHCTV.com, and on NHCTV’s cable stations: Spectrum channel 13 and Charter channel 5. The meeting will also be available for replay on the county’s website under “Special Meetings” after the hearing.

“There is so much good this agreement can do for NHRMC and all those served by it,” said Barb Biehner, co-chair of the Partnership Advisory Group. “The combination of what Novant Health is offering to do for our health system and what the proceeds to the county can mean for generations to come will lift countless lives. We’re looking forward to hearing the public comment as we consider what a tremendous, positive impact this could have.”

A summary of the Asset Purchase Agreement can be viewed here.