ALBERMARLE, N.C. (AP) — Charlotte-based Carolinas HealthCare System is buying the company that owns Stanly Regional Medical Center in Albemarle.
Stanly Health Services' board of directors approved the purchase earlier this week.
Carolinas HealthCare has agreed to invest $70 million over 12 years to improve patient services and facilities at the 119-bed hospital and its other services, which include a nursing home, a home health care agency and a medical equipment firm.
Carolinas HealthCare Systems owns Carolinas Medical Center in Charlotte and oversees more than 30 hospitals across North Carolina and South Carolina.
Carolinas HealthCare CEO Michael Tarwater says the two medical operations have developed a strong relationship in the past four years.