SIOUX FALLS, S.D. (KELO) — Two health care systems have announced an intent to combine.

Sanford Health, based in Sioux Falls, has signed a non-binding letter of intent with Fairview Health Services, based in Minneapolis, Minnesota, according to a news release sent out Tuesday morning.

The closing of the transaction is anticipated in 2023, pending antitrust and other necessary reviews and closing conditions.

When the merger is finalized, the name of the parent company will be Sanford Health

The combined system will bring Sanford Health’s experience serving rural populations together with Fairview Health Services’ experience in serving urban populations.

“Our organizations are united by a shared commitment to advance the health and wellbeing of our communities,” Sanford Health President and CEO Bill Gassen said in the news release.

“With Sanford Health, Fairview Health Services has found a partner that shares our midwestern values and our commitment to affordable, accessible and equitable care delivery,” Fairview Health Services President and CEO James Hereford, said in the release.

According to the release, Sanford Health and Fairview Health Services will remain nonprofit entities, each with their own regional presence, leadership and regional boards in the markets they serve. Gassen serving as President and CEO of the combined system. Hereford will serve as Co-CEO for a period of one year post-closing.

Sanford Health serves more than one million patients and 220,000 health plan members across 250,000 square miles with 47 medical centers. It employs 2,800 Sanford Health physicians and advanced practice providers along with 170 clinical investigators and research scientists. It also oversees more than 200 Good Samaritan Society senior care locations and world clinics in 8 countries around the globe.

Fairview Health Services has 31,000 employees across eleven hospitals, more than 80 primary and specialty care clinics, 36 retail and specialty pharmacies, rehabilitation centers, physician network, senior care housing and long-term care facilities, and medical transportation.