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Hospital systems Catholic Health Initiatives and Dignity Health are merging. Photo: Jordangruener / Wikimedia Creative Commons

Catholic Health Initiatives and Dignity Health have agreed to merge into the nation's largest not-for-profit health system, pending antitrust and church approval. The combined health system will create new headquarters in Chicago and rename itself by next year.

Why it matters: The merger has been in the works for months and will create a behemoth not-for-profit, Catholic-based system that will own 139 hospitals in 28 states and control more than $28 billion of revenue — making it bigger than companies like McDonald's or Macy’s.

Context: CHI and Dignity have been losing money on patient care, but have reaped big gains from Wall Street, like other not-for-profit giants. The merged system likely will strip out costs and gain negotiating power over private health insurers.

Go deeper

Super typhoon Surigae explodes to Cat. 5 intensity

Super Typhoon Surigae seen on satellite imagery Saturday morning east of the Philippines. (CIRA/RAMMB)

Super Typhoon Surigae surged in intensity from a Category 1 storm on Friday to a beastly Category 5 monster on Saturday, with maximum sustained winds estimated at 190 mph with higher gusts.

Why it matters: This storm — known as Typhoon Bising in the Philippines — is just the latest of many tropical cyclones to undergo a process known as rapid intensification, a feat that studies show is becoming more common due to climate change.

Updated 5 hours ago - Politics & Policy

What we know about the victims of the Indianapolis mass shooting

Leaders of the Sikh Satsang of Indianapolis participate in an interview addressing their grief. Photo: Jon Cherry/Getty Images

Law enforcement in Indianapolis have identified the eight people killed in Thursday's shooting at a FedEx facility.

The big picture: The Sikh Coalition said at least four of the eight victims were members of the Indianapolis Sikh community.