ROYAL OAK, Mich (WXYZ) - Beaumont Health System and Henry Ford Health System have announced they intend to merge in a deal that will create a new organization that is valued at an estimated $6.4 billion.
The announcement came during an 11:00 a.m. news conference.
The new company will integrate Henry Ford and Beaumont's 10 hospital and 200 other patient care sites. Beaumont and Henry Ford say it will be one of the most comprehensive health systems in Michigan.
The details of the deal are still being negotiated. Today's announcement puts the companies in a period of exclusive negotiations and due diligence.
The definitive agreement that will create the new company is expected to be completed in the first half of 2013. The new company will be operated as a not-for-profit organization.