Colorado AG signs off on Banner’s NCMC purchase

GREELEY  — Colorado Attorney General Phil Weiser gave his approval to Banner Health’s $328.4 million acquisition of North Colorado Medical Center, allowing the deal to close.

In a statement, Weiser said the deal, which was announced by the Weld County Board of Commissioners, Banner and NCMC Inc., the hospital’s holding company, didn’t significantly affect the hospital’s benefits to the area enough to warrant state intervention. He applauded the three groups for making the transaction possible.

“During the review my office conducted, we heard from many members of the community who are excited that a new trust established from proceeds from this transaction will allow the county to provide additional services to residents, including for the Bright Futures program that will enable young people to pursue a college degree or certified training program,” he said.

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The Attorney General’s office is required by law to review the deal to see if it would reduce health service access in the county, move assets out of state or cut back on the hospital’s charitable giving. Weiser visited Greeley last Friday for a town hall on the sale.

In a statement from the Weld County Commission, Chairwoman Barbara Kirkmeyer called Weiser’s decision a victory for the county.

“The attorney general listened to those who supported the sale because of what it would mean for Weld County residents, but he also did his due diligence in making sure Banner Health would continue to provide top-notch health care here in Colorado,” she said.

NCMC Inc., which was the holding company for the hospital, will rename itself as The Weld Trust and take $59.5 million from the sale to become a non-profit promoting health in the county.

This is a developing story and will be updated.