By AP
DETROIT – Michigan Attorney General Mike Cox has conditionally approved the proposed sale of the nonprofit Detroit Medical Center to for-profit Vanguard Health Systems Inc.
Cox said in a release Saturday the sale to Nashville, Tenn.-based Vanguard will put the Detroit hospital system on better financial and operational footing.
Cox has called for some additional requirements, including keeping "Legacy DMC" active as a nonprofit to monitor Vanguard's performance. He says Vanguard also must keep DMC's and Vanguard's own charity care policies for a decade.
The two sides hope to close the deal by year's end. The sale required Cox's approval.
Terms of the sale include Vanguard making $850 million in capital improvements during the next five years.