LINCOLN — Eugene and Cynthia Libby, the owners of Colonial Acres Nursing Home, will sell the 78-bed intermediate care facility as a joint venture between First Atlantic Corp. of Falmouth and Eastern Maine Health Care of Bangor.

First Atlantic is a developer, and EMHC is the parent corporation of Eastern Maine Medical Center.

The Libbys have owned and operated the facility for 17 years. It is one of the town’s major employers, and employs 93 people.

Cynthia Libby said the facility would remain as an intermediate-care facility, and people in the Lincoln area would continue to get first priority.

Libby said she would be the administrator when the sale is completed.

Robert Brandow, president of EMHC and EMMC, said EMHC would own 50 percent of Colonial Acres and First Atlantic would own the other 50 percent. He said First Atlantic would manage the facility, and EMHC would oversee the quality review system.

Ron Victory, the administrator of Penobscot Valley Hospital, said the hospital had “registered as an interested party” in the sale because hospital officials were concerned that the sale would result in a reduction of placement of area residents.

John Dickens, a spokesman for the Department of Human Services, said the joint venture partners had agreed to include in their application that they would maintain the historic use of the facility.

Victory said the Penobscot Valley Hospital had expressed an interest in purchasing the nursing home. Libby said the joint venture partners’ offer had been accepted when the hospital offered to buy the nursing home.