DETROIT (WXYZ) - With just two days left in the year, a deal worked out with the Detroit Medical Center, it's new owners Vanguard Health Systems, the Michigan Attorney General's office and the federal government has cleared the way for the long delayed sale to go through.
The deal heads off what was expected to be a lengthy federal investigation that could have delayed the sale of the DMC to Vanguard for several years. However, it requires Vanguard to pay a $30 million fine because of a number of technical rules violations.
Now that the deal has been worked out, the way has been cleared for the 20,000 employee Vanguard to purchase the 13,000 person DMC.
The deal is expect to bring jobs into Detroit because Vanguard has pledged to invest $850 million into the facility over the next five years. The investment is expected to include capital improvements to the current facility, and projects designed to expand the DMC into the suburbs.
Copyright 2011 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
More Detroit Headlines
Police investigate double shooting that killed one person and left another in critical condition.
Detroit firefighters battled a house fire near Dubois and Hendrie in Detroit.
The investigation into the cause of a Detroit house fire that killed young brothers continues as loved ones build a makeshift memorial for the young victims.