Conditional Approval for Summa Health Sale
The sale of Summa Health to Health Assurance Transformation Company, a subsidiary of a commercial general catalysts firm, received conditional approval from Ohio Attorney General Dave Yost on June 18, 2025.
Additionally, Summa had been approved by the Ohio Department of Insurance earlier, as noted by spokesperson Maureen Nagg. This agency documentation received a signature from the director, Judith L. France, on May 30.
Dr. Cliff Deveny, the president and CEO of SUMMA Health, mentioned that other reviewing bodies include the Federal Trade Commission and financial authorities in the Cayman Islands.
Yost emphasized that his role is to safeguard Ohio charities. A thorough review by the Charity Act section of his office concluded that the agreement is designed to maintain SUMMA’s nonprofit mission, protect patient care, and ensure investment in the broader Akron community.
“With appropriate safeguards, this could enhance healthcare in Northeast Ohio in the coming years,” Yost added.
Conditions Imposed by Ohio AG
In a letter dated June 18, Yost outlined several terms for the transaction’s approval. Notably, one condition involves a $15 million cash transfer and an additional $15 million in shares to Summa’s existing nonprofit foundation aimed at benefitting the Summit County community.
Other stipulations include a majority of new foundation board members being independent of Summa Health, as well as a prohibition against selling $15 million in interests for three years post-closure.
- The new foundation must have charitable objectives that align with existing foundations.
- Hatco agreed to the Attorney General’s jurisdiction regarding its obligations in the asset purchase agreement for a decade.
- For ten years after the transaction’s closure, Hatco will cooperate with any potential investigations.
- Hatco will provide an annual report for ten years, in accordance with the asset purchase agreement.
- Hatco must notify the Attorney General about any transactions that might raise antitrust concerns for the next ten years.
According to the Ohio State Revised Code, parties involved in the transaction are required to provide notice and hold a hearing within 45 days to discuss the revenue proposal.
Mike Bernstein, a spokesperson for Summa, expressed via email, “Summa Health and Hatco are working to meet these stipulations and will collaborate with the Attorney General’s office to ensure compliance. This is an important milestone, as we have also obtained recent approvals from the Ohio Department of Insurance.”
Molly Gillis, a partner and chief of staff at General Catalyst, conveyed optimism about finalizing the deal, noting that it will help move towards a new, more accessible healthcare system that is equitable and community-focused.
Concerns Among Grassroots Members
“Throughout this process, the public has had minimal input on Summa’s future,” Charlebois remarked. “A small group has essentially sold out the nonprofit, putting Summa’s patients and workers at risk.”
Despite some dissent, members like Jeff Barge acknowledged the improvements in the transaction, expressing relief that SUMMA Health’s equity position will be retained for at least three more years, albeit at a 3% stake.
Barge asserted that the coalition still believes Summa Health’s true worth exceeds $800 million.
