Apollo Global Management announced Monday that they will purchase Vaughan Medical Center’s owner,  LifePoint Health, in a $5.6 billion deal to expand its rural U.S. hospitals business.

The deal will bring together LifePoint and Apollo’s RCCH HealthCare Partners, according to a statement from LIfePoint officials.

Apollo’s transaction value includes $2.9 billion of LifePoint’s net debt and minority interest. The combined company will be led by current LifePoint Chief Executive Officer William Carpenter III.

LifePoint shares are down 27 percent in the past year but jumped nearly 34 percent to $64.00 in premarket trading, $1 shy of Apollo’s all-cash offer price.

Barclays, Citigroup, RBC Capital Markets and Credit Suisse will finance Apollo’s acquisition. PSP Investments Credit USA and an affiliate of Qatar Investment Authority will also provide part of the debt financing.

LifePoint said it will accept competing bids until Aug. 22.

Vaughan Medical Center CEO David McCormack said the buyout is a positive event. While Vaughan has not experienced problems such as fewer patient admissions, this merger will help other hospitals similar to Vaughan that are in this group.

McCormack said this buyout will be official in a few months.