Baptist Memorial of Memphis to buy Jonesboro Hospital

Arkansas Business, Sept 10, 2007 by John Henry

Baptist Memorial Health Care Corp. of Memphis has signed a non-binding letter of intent with a group of Arkansas doctors to buy 51 percent of Northeast Arkansas Medical Center at Jonesboro.

Baptist is buying the portion of the 104-bed hospital from Community Health Systems Inc. of Nashville, which currently owns 60 percent of the hospital.

Northeast Arkansas Clinic, which has more than 90 doctors, owns 40 percent of the hospital. After the deal is completed, NEA Clinic will own 49 percent, but both it and Baptist will equally govern the hospital.

The sale is expected to close in October.