ELIZABETHTOWN, Ky. (WDRB) -- Baptist Health has finalized the purchase of Hardin Memorial Health and renamed the hospital Baptist Health Hardin.

Baptist Health's CEO Gerard Colman signed documents Tuesday making the $361.4 million sale official. The company signed a letter of intent with Hardin County three years ago to buy the hospital, but it has been managed by Baptist Health for more than 20 years.

Baptist Health said in a release that it will invest a minimum of $150 million in the first five years to build new facilities, recruit more physicians and upgrade information technology and equipment. After the first five-year period, an additional $85 million will be spent on capital investments.

All employees have been offered jobs at their current pay, and hospital president Dennis Johnson and other senior leaders are staying on.

Baptist Health also agreed to provide up to $150,000 a year in health care services for inmates at the Hardin County Detention Center for the next 25 years.

Baptist Health Hardin serves a 10-county area and is now the ninth hospital in the Baptist Health system.

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