With $2 billion in investment promised, Atrium Health and WakeMed have announced a plan to merge, which could create one of the largest health systems in North Carolina. Under the proposed deal, WakeMed will join Atrium Health, an 11-hospital system with more than 900 locations across the Charlotte region.
According to the press release, the deal requires the Wake County Board of Commissioners to approve an amendment to WakeMed’s 1997 Transfer Agreement, which granted WakeMed ownership of several healthcare assets, but on the condition that it provide “ongoing hospital services” to every patient, regardless of socioeconomic status. Once that step is finalized, the deal will be submitted for regulatory approval and undergo a negotiation process.
WakeMed is a not-for-profit health care system founded and based in Raleigh. It has three acute-care hospitals totaling 973 beds, a behavioral health hospital, eight emergency departments, a dedicated Children’s Hospital and Rehabilitation Hospital, two Trauma Centers and more than 175 physician and physical therapy practice offices. According to its website, WakeMed had total operating revenue of $2.61 billion and EBITDA of $223.6 million in fiscal year 2025.
The $2 billion investment in WakeMed includes expansions and developments for two of WakeMed’s hospitals in Raleigh (Raleigh Campus and North Hospital) and its hospital in Cary, further development of inpatient and outpatient services at the WakeMed Garner Whole Health Campus, and the construction of two new outpatient emergency centers.
WakeMed has not been active in the healthcare M&A market since 2010, instead focusing on de novo expansion, building new hospitals and facilities to expand its network.
Atrium Health, on the other hand, has been much more aggressive in the M&A market. The system joined Advocate Health in a 2022 merger, creating a $27 billion organization, but still operates under its own brand in its respective markets. Since 2022, Atrium Health and its affiliates have announced four deals, including two deals for physician groups and one for a health clinic. One deal was for a hospital; Atrium Health Wake Forest Baptist, an academic medical center under Atrium, acquired Hugh Chatham Health, a not-for-profit community healthcare network anchored by an 81-bed acute care hospital.
As for the Atrium Health and WakeMed merger, additional details about specific timelines will be shared as information is available in the coming months.
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