CHICAGO (March 2, 2009) — McDermott Will & Emery LLP advised Bannock County, Idaho in the formation of a joint venture involving the construction and operation of a new state-of-the-art regional medical center in Pocatello under the name Portneuf Medical Center. The facility is expected to be the leading medical facility in eastern Idaho.
Following voter approval in November 2008, Bannock County contributed the assets of the County's acute care hospital, Portneuf Medical Center, to the newly-formed joint venture. An affiliate of Legacy Hospital Partners, Inc. will own a majority share of the joint venture and manage the medical center’s operations. Bannock County transferred its interest in the joint venture to the Portneuf Health Care Foundation, Inc., which will own a minority share of the joint venture, but governance of the joint venture will be on a 50-50, "block voting" basis. The transaction closed in February 2009 for an undisclosed amount.
Bannock County Commissioner Larry Ghan commented that "we arrived at the right solution to our community' need for a new medical center" and "the success of the transaction was due in large part to McDermott's breadth of expertise in negotiating and completing complex health care transactions."
The McDermott team involved in structuring and documenting Bannock County's contribution of assets to the joint venture and the governance of the joint venture was co-led by health law partner Paul Lawrence, with assistance from health law partners Kerrin Slattery, Paul Carr-Rollitt and Sandy DiVarco; corporate partners Thomas Brown, Bill Smith and Miles Hughes. Additional assistance was provided by health law associates Esther Chang, Margo Strabo and Michael Fine; and corporate associate Jikja Frank.
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