HCA Healthcare, a US health care company, has agreed to acquire almost all the assets of Mission Health, a nonprofit North Carolina health system, for around $1.5 billion.

Under the deal, most of the Mission Health facilities and clinics will come under HCA Healthcare while continuing to run under the Mission brand.

Mission Health said that the proceeds of the sale along with its remaining cash and investments after clearing all debts and obligations will be transferred to the newly created Dogwood Health Trust which aims to drastically enhance the health and well-being of the people of western North Carolina.

HCA Healthcare acquisition of Mission Health will see the former take over ownership of the 763-bed Mission Hospital and the 80-bed CarePartners Rehabilitation Hospital in Asheville, 49-bed Mission Hospital McDowell in Marion, 25-bed Angel Medical Center in Franklin, the 24-bed Highlands-Cashiers Hospital in Highlands, 25-bed Transylvania Regional Hospital in Brevard, and the 25-bed Blue Ridge Regional Hospital in Spruce Pine.

HCA Healthcare has also agreed to invest $430 million over five years for the completion of the Mission Hospital for Advanced Medicine, construction of a replacement hospital for Angel Medical Center and construction of a new Behavioral Health hospital.

The US health care company, HCA will also contribute $25 million, to match a $25 million contribution from Mission Health, to create a $50 million innovation fund to invest in businesses that offer innovations in health care delivery to benefit the public of western North Carolina.

Commenting on HCA Healthcare acquisition of Mission Health, Milton Johnson – HCA Healthcare chairman and CEO, said: “Mission Health is the premier healthcare system in western North Carolina, with a 130-year tradition of high quality patient care.

“We look forward to continuing Mission Health’s focus on excellence, and investing in western North Carolina to improve the health of the region.”

Ronald A. Paulus – President and CEO of Mission Health, commenting on HCA Healthcare acquisition of Mission Health, said: “The Mission Health Board has been steadfast in its desire to truly improve the health status of the people of western North Carolina. They believe that joining HCA Healthcare is an extraordinary opportunity to build upon Mission Health’s exceptional quality, ensure that every entity within Mission Health has significant protections that it lacks today and to create a remarkable foundation that intends to invest in the social determinants of health.”

HCA Healthcare acquisition of Mission Health will be subject to the terms and conditions of the Asset Purchase Agreement between the two health care companies, and also review by the North Carolina Attorney General’s Office.

  HCA Healthcare, Milton Johnson, Mission Health, North Carolina, Ronald A. Paulus, USA