General Catalyst’s HATCo Acquires Summa Health
January 17, 2024
General Catalyst launched Health Assurance Transformation Corp. (HATCo), which signed a definitive agreement to acquire Akron, Ohio-based Summa Health and transition it from nonprofit to a for-profit, taxed subsidiary. The deal is structured as a significant investment (with a stated $485 million purchase price initially, later reported as $515 million) to fund debt reduction, technology and transformative initiatives, and a separately governed community health foundation.
- Buyers
- Health Assurance Transformation Corp. (HATCo), Health Assurance Transformation LLC (HATCo)
- Targets
- Summa Health
- Sellers
- Summa Health (as the counterparty whose nonprofit status would end)
- Platforms
- Health Assurance Transformation Corp. (HATCo)
- Industry
- Healthcare Services
- Location
- Ohio, United States
- Transaction Type
- Buyout
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