DETROIT (AP) -- The Detroit Medical Center has signed a letter of intent that opens the door for it to be purchased by a private Nashville, Tenn.-based health system.
DMC announced the deal with Vanguard Health Systems Friday morning in a statement. Terms of the deal include Vanguard agreeing to make $850 million in capital improvements over the next five years.
A Friday morning news conference has been scheduled at the Children's Hospital of Michigan.
Mike Duggan, the DMC's president and chief executive, and Stephen R. D'Arcy, DMC board chairman, will be joined by Mayor Dave Bing, Wayne County Executive Robert Ficano and board member Roger Penske.
The DMC operates eight hospitals and is affiliated with the Wayne State University School of Medicine and the Barbara Ann Karmanos Cancer Institute.