August 14, 2020 – Sentara Healthcare (Norfolk, VA) and Cone Health (Greensboro, NC) signed a letter of intent to merge the two health systems. The combination will create a 17-hospital, $11.5 billion system. The deal is expected to close in mid-2021, pending regulatory approval.
The new IDN’s corporate headquarters will be in Norfolk. Sentara’s current CEO, Howard Kern, will oversee the combined organization. Cone Health CEO Terry Akin will serve as president for the Cone Health Division, with regional headquarters in Greensboro.
Sentara is a nonprofit system with 12 hospitals in Virginia and North Carolina, and ended 2019 with $6.8 billion in revenue.
Cone Health has five hospitals in the state and around 15,000 employees and about $2 billion in annual revenue.
The IDNs say they expect full integration to take about two years after the deal closes.