Weiser issues opinion approving Asset Purchase Agreement between Banner Health and North Colorado Medical Center
Oct. 2, 2019 (DENVER, Colo.)— Colorado Attorney Phil Weiser has issued an opinion approving Banner Health’s acquisition of North Colorado Medical Center in Greeley.
According to the terms of the transaction, Banner Health will acquire land and assets from NCMC, Inc., including some which are owned by Weld County, for more than $285 million. NCMC, Inc. will use proceeds from the transaction to pay off existing hospital debt and approximately $58 million will be maintained for its charitable purposes, which will include grantmaking to promote excellence in health and education in Weld County.
Banner Health will continue to operate North Colorado Medical Center, and will continue to be dedicated to providing health care services to the citizens of Northern Colorado. The transaction is set to close on October 9, 2019, or on an earlier date as mutually agreed by the parties.
“Banner Health has said it is committed to continuing to provide important health care services to the residents of Northern Colorado. During the review my office conducted, we heard from many members of the community who are excited that a new trust established from proceeds from this transaction will allow the county to provide additional services to residents, including for the Bright Futures program that will enable young people to pursue a college degree or certified training program,” said Weiser. “I applaud the Weld County Commissioners, NCMC, Banner Health, and other local elected officials and community members who made this transaction possible.”
Under Colorado law, § 6-19-203(1) C.R.S., the Attorney General is obligated to review the transaction to ensure that it will not result in a material change in the charitable purposes to which the assets of the hospital have been dedicated, and that assets don’t leave the state. Based on his review, Attorney General Weiser determined that both conditions were met and that the transaction could proceed without further review.
Prior to issuing his opinion approving the transaction, Weiser accepted public comment and hosted a town hall on September 27 in Greeley.
CONTACT: Lawrence Pacheco, Director of Communications
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