The Detroit Medical Center and Vanguard Health Systems signed a $1.26-billion agreement on Friday that allows the Nashville, Tenn., for-profit health company to buy the Detroit hospital group and bring 500 construction jobs and economic development to a city desperate for investments.
The agreement promises $850 million in improvements for the medical center's eight hospitals, "more than the combined investments in Ford Field, Comerica Park and Campus Martius," the company said in a statement. Two state agencies would have to approve the sale.
Vanguard will uphold the Detroit Medical Center's commitment to care for poor people for 10 years.
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