RALEIGH — Wake County commissioners voted 5-2 Monday to advance WakeMed’s proposed combination with Atrium Health, approving corporate changes needed before the systems can seek federal regulatory review.
The action approved amendments to WakeMed’s articles of incorporation and the proposed transfer agreement. It does not close the transaction. The health systems said the vote allows them to move next to regulatory review.
Commissioners Vickie Adamson and Tara Waters voted against the measure, Axios reported. Wake County would continue appointing eight of WakeMed’s 14 board members, while Atrium would become WakeMed’s sole corporate member if the transaction is completed.
The revised agreement calls for Atrium to invest $2 billion in WakeMed. It also creates a $150 million Wake County Whole Health Program for local health initiatives, caps price increases at no more than 1.5 times annual Medicare cost growth for five years, and raises the minimum charity-care commitment to 8% of adjusted revenue.
The 973-bed WakeMed system employs about 12,800 people across three hospitals and other facilities, according to the health systems’ joint statement. Axios identifies WakeMed as the Triangle’s third-largest health care provider.
The county vote marks a new stage in a deal whose financial and governance terms were revised before the meeting. WakeMed and Atrium can now file for review by the Federal Trade Commission and U.S. Department of Justice; the combination remains proposed until required approvals and closing conditions are satisfied.
File photo: WakeMed Raleigh Campus. James Willamor/Wikimedia Commons, CC BY-SA 3.0; cropped for format.