WakeMed and Atrium Health Move Forward with Strategic Combination
Transaction Announcement
WakeMed Health & Hospitals in Raleigh, NC, and Atrium Health in Charlotte, NC, are moving forward with their previously announced strategic combination following approval by the Wake County Board of Commissioners on September 21. Under the agreement, Atrium will become the sole member of WakeMed. Atrium is part of Advocate Health, the third-largest nonprofit health system in the U.S.
Atrium has committed to invest at least $2 billion in WakeMed, and the partnership is expected to create more than 3,300 new jobs. The agreement also includes $150 million for the Wake County Whole Health Program and increases WakeMed’s indigent care commitment.
“WakeMed and Atrium Health are united in a shared commitment to serving our communities, and by building upon our complementary strengths, we can have an even greater impact on the health and well-being of Wake County and the entire state,” said Donald Gintzig, president and CEO of WakeMed.
WakeMed operates in the competitive, fast-growing Research Triangle. Atrium, rated Aa2 / AA / AA, recently opened The Pearl, a 26-acre medical innovation district in Charlotte, serving as a global hub for medical education, research, and health technology.
Juniper’s Role
Juniper Advisory was retained by a special committee of WakeMed’s Board to assess the merits of the partnership with Atrium. Working with management, Juniper evaluated the terms, conditions, and value of the transaction, ensuring market norms and customary treatment of financial and nonfinancial agreements.
For more information about this transaction, please contact:
Rex Burgdorfer | 312.506.3006 | rburgdorfer@juniperadvisory.com
Jordan Shields | 312.506.3005 | jshields@juniperadvisory.com
Ansley Geary | 312.448.6008 | ageary@juniperadvisory.com
About WakeMed Health & Hospitals
Serving the community since 1961, WakeMed is a nonprofit health care system founded and based in Raleigh, N.C. WakeMed’s 973-bed system comprises a network of facilities throughout the Triangle area, including three full-service hospitals, a mental health & well-being hospital, eight emergency departments, a dedicated Children’s Hospital and Rehabilitation Hospital, two Trauma Centers, and more than 175 physician and physical therapy practice offices. WakeMed’s mission-driven team includes more than 12,800 employees, 1,300 volunteers, and 1,300 affiliated physicians along with a network of 900+ primary care and specialty providers.
About Atrium Health
Atrium Health is advancing clinical care and research across the communities it serves by redefining care for all. Locations include Atrium Health Carolinas Medical Center in Charlotte, which includes Levine Children’s Hospital, Levine Cancer Institute and Sanger Heart & Vascular Institute; and Atrium Health Wake Forest Baptist in Winston-Salem, which includes Brenner Children’s Hospital and Atrium Health Wake Forest Baptist Comprehensive Cancer Center. Together, these academic medical centers support a statewide network of 19 hospitals serving communities across North Carolina. Atrium Health is part of Advocate Health.
About Advocate Health
Headquartered in Charlotte, North Carolina, Advocate Health is the third-largest nonprofit, integrated health system in the United States. A preeminent academic health system at the forefront of clinical excellence, innovation and research, it delivers care under the names Advocate Health Care in Illinois and Indiana; Atrium Health in the Carolinas, Georgia and Alabama; and Aurora Health Care in Wisconsin and Michigan and Wake Forest University School of Medicine is its academic core. Nationally recognized for expertise in heart and vascular, neurosciences, oncology, pediatrics and rehabilitation, Advocate Health is also a pioneer in the delivery of virtual health care. It is accelerating discovery by making research participation part of the standard-of-care through its one-of-a-kind National Center for Clinical Trials, plus two affiliated life-sciences-focused innovation districts and one of the nation’s largest graduate medical education programs. With more than 165,000 teammates serving patients at 69 hospitals and over 1,000 care locations across eight states, Advocate Health reinvests over $6 billion each year to improve community health, making it one of the nation’s largest providers of community benefit.