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Legal close date for university, medical transition moved to second quarter

The legal transaction that will establish Vanderbilt University Medical Center as a separate legal entity from Vanderbilt University is now expected to occur in the second quarter of 2016 rather than in the first quarter as previously expected.

The new target date for closing the transaction comes after university and medical center leaders reviewed the status of the work underway and determined that it was prudent to allow additional time to finalize operational, legal and financial details. This step will assure that both organizations will be on the best footing possible for successful operations post-closing. Additional time will also allow VUMC to take best advantage of the current financial markets in establishing itself for long-term success.

University and medical center officials stressed that in complex transactions of this nature, refinements to closing timelines are routine and in this case will be beneficial in preparing both entities in further planning for the reorganization.

Vanderbilt University and Medical Center filed documents related to their transition to two separate legal and financial entities with the Office of the Tennessee Attorney General Dec. 14. The filing with the attorney general outlines the transaction that will take place between the university and the medical center to establish the medical center as a separate, nonprofit entity. The transaction is structured to preserve and enhance the public mission of the university and the medical center and to ensure the continued viability and success of both institutions.

Employees who will be transitioning to new responsibilities or units and have questions about how the change in date will affect them should consult with their supervisors.

Read more about the transition (For Vanderbilt faculty and staff; VUNetID and e-password required) >