Vanguard Health Systems is set to purchase Detroit Medical Center (DMC) for $365 million, The Wall Street Journal reports. Vanguard will also invest $850 million in new and existing DMC facilities over the next five years as per the deal. Vanguard, which is backed by Blackstone Group, will keep all eight DMC hospitals open for at least 10 years and maintain care for uninsured and indigent patients. Separately, DMC will pay the federal government $30 million to settle claims that it engaged in improper financial relationships with referring physicians.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Business Journal.