Ohio Attorney General Gives Conditional Approval to Summa Health Sale

AKRON, Ohio — Ohio Attorney General Dave Yost has given conditional approval for the sale of Summa Health to Health Assurance Transformation LLC (HATCo), a subsidiary of General Catalyst.

Yost emphasized his office’s role in protecting Ohio’s nonprofit assets throughout the sale process. After a thorough review, his team determined that the agreement includes important safeguards to protect Summa’s nonprofit mission, maintain high-quality patient care, and support ongoing investment in the Akron community.

“This sale, with the right protections in place, can help strengthen health care in northeastern Ohio for years to come,” Yost said.

Because the transaction involves transferring nonprofit assets to a for-profit company, state law requires Attorney General approval. The Charitable Law Section evaluated the deal to ensure it meets fiduciary standards, that the nonprofit receives fair market value, and that the sale proceeds align with Summa Health’s original charitable goals.

As part of the approval, Yost’s office outlined ten conditions. Among them, HATCo must transfer an additional $15 million in cash and $15 million in equity to a nonprofit foundation that will benefit residents of Summit and surrounding counties.

Additional conditions include:

• Amending the foundation’s charitable purpose to align with Summa’s original mission
• Ensuring most foundation board members have no ties to Summa Health
• Requiring board members to complete a training program on charitable governance within three months
• Restricting the foundation from selling its equity interest for three years
• Giving the Attorney General oversight authority for 10 years to enforce HATCo’s commitments
• Requiring annual compliance reports and cooperation with future investigations
• Notifying the Attorney General about transactions with potential antitrust concerns for 10 years

With approval secured, Ohio law mandates the parties hold a public hearing within 45 days to gather community feedback on how the sale proceeds will be used.