CLEVELAND, Ohio — The $485 million sale of Akron-based Summa Health to for-profit Health Assurance Transformation Co. (HATCo) has been completed, the two organizations announced Wednesday.

The sale makes Summa the only for-profit major hospital in Northeast Ohio. The health system is now a wholly owned subsidiary of Health Assurance Transformation, a new business venture owned by venture capital firm General Catalyst.

The purchase price, when added to Summa’s current cash, will enable the health system to eliminate $850 million in existing debt, the companies said after the sale was first announced in early 2024.

Health Assurance Transformation has also committed to $350 million in capital funding within the first five years for investment in technologies that support growth, as wel

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