Presbyterian Healthcare Services and products and UnityPoint Health have moved a step closer to ending a proposed merger.

The nonprofit health programs signed a definitive agreement on March 30, the firms disclosed in a submitting to the Municipal Securities Rulemaking Board on Thursday. Presbyterian Healthcare Services and products of Albuquerque, Unique Mexico and Des Moines, Iowa-essentially based mostly UnityPoint Health signed a letter of intent March 2 to construct an $11 billion system with 48 hospitals in Illinois, Iowa, Unique Mexico and Wisconsin. The deal would effect fresh company father or mother company, equivalent to Point out Aurora Health and Atrium Health merging to construct Charlotte, North Carolina-essentially based mostly Point out Health.

“The focus of our overview stays on how we could perchance well well work together to sustainably attend our communities for generations to achieve encourage. We proceed to thoughtfully effect in thoughts this partnership and be triumphant in no longer have a definitive shut date at present,” Presbyterian Healthcare Services and products President and CEO Dale Maxwell said in an announcement.

Presbyterian Healthcare Services and products and UnityPoint Health are the most fresh health programs to peep incorrect-issue health programs and bet on diminished costs for administrative charges in areas equivalent to technology, earnings cycle management and procuring. Such financial savings have confirmed hard to be triumphant in after other mergers and acquisitions.

“While the final agreement and shut date is soundless pending as we switch into due diligence work, we peek ahead to the opportunities ahead, so we can easiest attend our respective sufferers, households and communities,” UnityPoint Health President and CEO Clay Holderman said in an announcement.